(DOWNLOAD) "Valley Bank v. Louis Larson" by Supreme Court of Idaho No. 14103 * eBook PDF Kindle ePub Free
eBook details
- Title: Valley Bank v. Louis Larson
- Author : Supreme Court of Idaho No. 14103
- Release Date : January 01, 1983
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 64 KB
Description
Dale Larson, who is not a party to this action, executed the three promissory notes involved in this action in favor of Valley Bank, the plaintiff respondent. First, on or about May 5, 1977, Mr. and Mrs. Dale Larson executed a thirty year promissory note in the principal sum of $66,000 plus interest to respondent, granting respondent a first deed of trust to their family residence as security. Second, on May 30, 1978, Mr. and Mrs. Dale Larson executed a 180-day promissory note in the principal sum of $30,000, with interest thereon and granted as security for this debt a second deed of trust to their home. As additional security for this note, respondent demanded and received the personal and unconditional guaranty of Louis Larson, the defendant appellant, through a guaranty agreement executed on May 30, 1978. Third, on November 9, 1978, Dale Larson executed a promissory note to respondent in the principal amount of $17,652.04, providing security in the form of various contract rights and chattel papers generated in connection with his business. Dale Larson was unable to make the required monthly payments on the promissory notes secured by the first and second deeds of trust. Having once extended the due date of the $30,000 note, respondent Valley Bank, with appellant's written permission, renewed the second promissory note on January 15, 1979, in the principal sum of $30,000 plus 12% interest per annum.