Carolina Industrial Bank v. Merrimon

The evidence discloses the following undisputed facts: On 17 June 1960 defendant purchased a secondhand automobile from Dorato Motors, Inc., .at Oteen, North Carolina. Defendant paid $500 iin cash and executed a promissory note in the amount of $1171.20, with interest from maturity at 6% per .annum, payable to Dorato in 24 equal monthly instalments of $48.80; ishe executed to C. J. O’Connell, Trustee, and Dorato a “deed of trust on personal property” (chattel mortgage) conveying the automobile as security for the note, and obligating defendant to maintain fire, theft and collision insurance…