Caldwell v. Spear

The appellee, Spear, sued the appellant, Caldwell, to recover a balance of $500 alleged to be due upon the proceeds of a fire insurance policy which had been collected by Caldwell. The following is the substance of the facts found by the court in a trial without a jury:

On November 10, 1921, Spear executed and delivered to Caldwell his note for the sum of $3,000 bearing interest at the rate of 10 per cent, per annum from date till paid, interest payable annually. The note matured in three annual installments of $1,000 each, beginning January 1, 1923. The note also contained a provision .that…