Harris v. Coles

OPINION

CANTRELL, P.J., M.S.,

delivered the opinion of the court,

in which CAIN, J., and J.S. DANIEL, Sp. J., joined.

The trial court held that the terms of a promissory note did not entitle its beneficial owners to compound interest arising from the obligor’s failure to make timely installment payments, but only to simple interest on the principal. We affirm.

I

In September of 1985, Charles Noble Barnes, an elderly Cheatham County farmer, sold his 53 acre farm to his stepson, Claude Murray Neal. Mr. Neal gave Mr. Barnes his promissory note which states as follows:

“For value received I promise to…