Gudgel v. Kaelin

WILHOIT, Judge:

This appeal is from a judgment of the Jefferson Circuit Court holding appellant liable under the terms of a document signed by the parties which the court found to be a valid and enforceable note. The note provided for annual payments of one percent per year to appellees on the outstanding balance of principal of. a mortgage.

On April 29, 1970, appellant Gudgel and appellee Elmer Kaelin entered into a written contract for the purchase by Gudgel of a tract of land owned by Kaelin. As stated in the contract, the agreed purchase price was $60,000.00, to be paid in monthly…