Rice v. Cooperative Finance Co.

RATLIFF, Judge.

STATEMENT OF THE CASE

Appellant Tony Rice appeals from a decision of the Tippecanoe Superior Court setting over to appellee Cooperative Finance Company (Cooperative) certain funds held in escrow. We affirm.

FACTS

(On December 28, 1976, Rice signed a promissory note payable to the order of Cooperative in the sum of $2220.00, and began monthly payments. He defaulted in April 1977. After several failed attempts at arranging payment of the note, Rice informed Cooperative that he was leaving the state. In January 1978 the Mercury automobile Rice had pledged as collateral for the loan…