McManus v. Turner

Adams, Judge.

In this suit on a note, the sole question raised on appeal is whether the statute of limitation had run on the payee’s claim, which depends on whether the note was accelerated.

On or about December 21, 1990, Old Ellis Pointe entered into a $300,000 promissory note, under seal, in favor of Mary Lou Cook. *6Gregory D. McManus and Hugh Gilliam, officers of the corporation, guaranteed the note but not under seal. Twelve quarterly payments were required beginning March 15, 1991, and ending on December 15,1993. The note contained an acceleration clause which Cook could exercise 15 days…