Allen Sales & Servicenter, Inc. v. Ryan

DANIEL, Justice.

This is a suit upon an installment note, wherein the holders seek to accelerate the payment of the entire note because of the failure of the maker to pay the first installment on its due date. The question presented by this appeal is whether the holders, based upon an optional acceleration clause, can accelerate the payment of the entire note without making demand upon the maker of the note for payment of the overdue installment.

On May 28, 1971, Allen Sales and Servi-center, Inc. executed an installment note payable to “Shelton Ryan and Wayne Ryan or order” in Denton, Denton…