Commercial Credit Corp. v. Brown

BROWN, Justice.

On or about December 2, 1940, appellee Herman Brown, joined by his wife Imogene, purchased a certain Ford passenger automobile from the dealers, Arthur Teague Motor Co., the total purchase price being $1,291.19, paid and to be paid as follows: $79.50 cash and the trade-in value of a 1939 model Mercury car in the amount of $188.41, and these purchasers executed their instalment payments, promissory note in the sum of $952, secured by a chattel mortgage on the auto.

The mortgage and note contained the usual accelerating maturity clause in case of default in the payments.

The note…