Rautbord v. Industrial Avenue Realties, Ltd.

Appellants/defendants appeal a summary final judgment entered in favor of appel-lee/plaintiff, which construed the obligations of the parties under a security agreement and two promissory notes. We reverse.

The two notes, which we identify as note number one and number two, were made in connection with a transaction involving the purchase and sale of certain real property, to-wit: Belle Plaza Apartments, and were in the amounts of $1,800,000 and $400,000, respectively. The issue involved in the litigation in the trial court was whether or not promissory note number two could be prepaid without…