D.E.B. Adjustment Co. v. Cawthorne

VAN CISE, Judge.

Burton Cawthorne (debtor) appeals a deficiency judgment awarded plaintiff D.E.B. Adjustment Co. on debtor’s promissory note. We affirm.

On September 4, 1975, debtor executed a promissory note and security agreement in favor of the Bank of Denver (the bank) and granted the bank a security interest in his 1970 Volvo. The trial court found that, under the terms of the agreement, debtor was required to obtain insurance on the Volvo with a loss payable clause in favor of the bank. The agreement also provided:

“If default shall occur under any provisions of this document ... [the…