Triad Bank v. Elliott

DUNCAN, Judge.

On 25 April 1986, James E. Elliott (“defendant”) executed and delivered to Triad Bank (“plaintiff”) a promissory note and security agreement for $35,756.59 secured by a 1976 Rolls Royce automobile. On 6 May 1986, defendant executed another promissory note and security agreement with plaintiff for $43,793.06 secured by a 1981 Bentley automobile. The proceeds of the notes were used for the purchase of the automobiles. The first note on the Rolls Royce is an installment note requiring 24 equal monthly payments of $600.00 each plus interest. The first payment was due on 25 May 1986.…