Hatcher v. Rose

FRYE, Justice.

In this appeal, defendants present us with the issue of whether prepayment is allowed on a promissory note executed for the purchase of real estate when the note does not by specific language either prohibit or permit prepayment. We answer this question in the affirmative and reverse the Court of Appeals’ decision directing summary judgment for plaintiffs.

Defendants Earl G. Rose and Bonnie H. Rose, who are husband and wife, purchased real property for the sum of $70,000 from the plaintiffs, M. S. Hatcher and Betty M. Hatcher, who are also husband and wife. Defendants executed a…