Pfleiderer v. De Veaux

Peter Pfleiderer, Jr., deceased, was a surveyor with a business at Roosevelt, New York. Following his death, his wife, as administratrix of his estate, sold the business to the defendant, Richard D. De Veaux. The price was $22,000 of which $7,000 was paid in cash and the balance was represented by a series of 20 notes each in the principal sum of $750 bearing interest at 6% with the first note becoming due January 15, 1954 and monthly thereafter until fully paid. The series of notes was secured by a chattel mortgage covering certain tangible assets of the business. A default occurred in…