Goldberg v. Xorco, Ltd.

MEMORANDUM OPINION AND ORDER

ANN C. WILLIAMS, District Judge.

Richard Goldberg is suing Xorco, Ltd., for payment on a promissory note. The note provides that Xorco will pay Mr. Goldberg $30,500 within 90 days. If payment is not made, interest will accrue at a rate of 12% per annum for up to 180 days; after that time, Xorco will be in default, and interest will accrue at a rate of 18% per annum. Xorco failed to make payment within 180 days. On the same day that it executed the note, Xorco also executed an escrow agreement, providing that “all sums due and payable under the promissory note…