Piney Point Investment Corp. v. Photo Design, Inc.

OPINION

EVANS, Chief Justice.

The principal question in this case is whether the appellees were entitled to a deficiency judgment in their suit on a promissory note. We hold that they were so entitled, and we affirm the trial court’s judgment.

In October, 1980, the appellees, Mr. and Mrs. Carlos Carpenter, decided to move to a farm in the country and sold their graphic design business, Photo Design, Inc., to Piney Point Investment Corporation. The total purchase price was $55,000, of which $15,950 was paid in cash. The balance was representéd by a promissory note in the amount of $39,050,…