Tooley v. Robinson Springs Corp.

Defendant, Robinson Springs Corporation, appeals a summary judgment for plaintiff, James Tooley, awarding plaintiff compensation for the Corporation’s default on a $37,500 debenture. On June 24,1981, Tooley purchased a $37,500 subordinated debenture from the Corporation. According to the debenture’s terms, Tooley would receive annual interest payments of ten percent on the unpaid principal, and, starting in 1992, the Corporation would begin paying back twenty percent of the principal each year until paid in full.

Throughout the duration of the debenture, the Corporation was consistently late…