Hemenway v. Miller

Revelle, J. *

In 1980, Margaret and Ken Miller (Miller) sold a business to Robert and Patricia Hemenway (Hemen-way) for $113,000. Hemenway made a $20,000 down payment and executed a $93,000 promissory note for the balance, to be paid in annual installments of $13,000. Miller took a security interest in the inventory, equipment and goodwill of the business.

Miller filed a U.C.C. financing statement, a copy of which bears the date of December 17, 1980, at the time of the sale to Hemenway. The statement was effective to maintain their security interest for 5 years. Miller did not file a…