Wattles v. Agelastos

Plaintiff, ancillary administrator of the estate of Elizabeth Vassel, was granted summary judgment below on a claim arising out of a promissory note. Defendants appeal as of right.

In 1964, defendants purchased a restaurant business from plaintiff’s decedent. The purchase price was $30,000; defendants paid $8,300 in cash, executed a-promissory note for the balance and gave a security interest in the restaurant and fixtures.

The note promised payments of $250 per month. We can establish from the record that defendants defaulted on the note some time in 1966 when the unpaid balance was…