Reconstruction Finance Corp. v. Mercury Realty Co.

KOSCINSKI, District Judge.

Plaintiff sues on promissory note dated November 24, 1947 at Florence, Alabama, payable to plaintiff at the Birmingham Branch of the Federal Reserve Bank of Atlanta, Birmingham, Alabama, with interest at 4% per annum, payment to be made in installments, with final maturity of the note not later than November 1, 1949. There was default in payment.

Payment of the note was secured by collateral consisting of real estate and personal property situated in Alabama.

The note provided that in case of default in payment the payee is empowered to sell, assign and deliver the…