Bell Federal Savings & Loan Ass'n v. Laura Lanes, Inc.

HOFFMAN, Judge:

Appellants contend that the lower court abused its discretion in denying their petition to open a judgment confessed upon a mortgage note. We disagree and, accordingly, affirm the order of the court below.

On January 4, 1966, appellants borrowed $570,000 from appellee’s predecessor in interest to finance a bowling alley and restaurant and signed a mortgage note containing standard acceleration and confession of judgment clauses. Four years later, on October 2, 1970, appellants went into a prolonged receivership. During the receivership appellee unsuccessfully attempted to…