Commercial Law Keyed to Lopucki
Nagel v. Cronebaugh
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Marjorie E. Peirce, (Pierce), agreed to give Mr. and Mrs. Cronebaugh, (Appellees), $50,000 and loan them an additional $50,000 so they could purchase a home. The loan was secured by a mortgage. Appellees attorney drafted the note and the mortgage. The note provided that Appellees promise to pay to Peirce a sum to be determined at the time of contingencies with interest. The note also stated that it was a demand note due on October 1, 2018 or upon the sale of the house, or the death of the makers, whichever occurs first. When Peirce died, Appellant as Personal Representative of her estate, demanded payment in full contending that the note created an obligation due on demand. Appellees contend that payment was not required until October 1, 2018.
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