Succession of Darby v. Galloway

BOUTALL, Judge.

This is an appeal from a judgment dismissing plaintiff’s suit on a promissory note secured by second mortgage. Monroe Galloway, defendant and appellee, executed a promissory note payable to bearer for the amount of $25,820.00. The note was payable at the rate of $225.001 per month, beginning May 15, 1965, bearing 7% interest per annum with a balloon payment of the balance at the end of the eighth year. The note had an acceleration clause on failure to pay any installment and a provision for 20% attorney’s fees in the event that it is placed with an attorney for collection. The…