First National Bank of Lakewood v. Union Tavern Corp.

Opinion by

Judge DUBOFSKY.

Plaintiff, First National Bank of Lakewood, appeals the trial court’s order granting the motion for restitution by defendants, Union Tavern Corporation, Jeffrey B. Selby, James B. Nowell, and Allen Ger-stenberger. We affirm in part and reverse in part.

Defendants, signatories to a promissory note executed in 1984, made the scheduled payments on the note for two years, but they failed to make the $5,000 payment due on March 15, 1986. The note provided for acceleration of the loan and higher interest in the event of a default in payment. On March 27, 1986, plaintiff…