SHOENTERPRISE CORPORATION v. Willingham

Defendant’s appeal relates solely to the last three installments which, according to the “Schedule of Payments,” were to become due May 10, 1958, May 10, 1959, and May 10, 1960. Defendant contends plaintiff’s action is also barred as to these three installments because plaintiff, by the exercise on June 20, 1957, of its acceleration option, caused the entire unpaid indebtedness evidenced by said note to become immediately due and payable.

“. . . where there is an acceleration clause giving the creditor the right upon certain contingencies to declare the whole sum due, the statute begins to…