John Deere Co. v. Neal

CHADICK, Chief Justice.

This is a chattel paper * case. The trial court entered a take nothing judgment and it is affirmed.

I

Appellee, Bobby G. Neal, defendant below, purchased a tractor from Hockley County Equipment Company in July, 1972. A cash down payment of $530.00 was made to the equipment company and a Retail Installment Contract-Security Agreement was executed providing for three installment payments; these to be made respectively on the 15th day of December, 1972, 1973 and 1974. The agreement allowed Neal to prepay the indebtedness before its due date. The first installment was timely…