[DOWNLOAD] "Ennis State Bank v. Frank Hubacek" by Waco Court of Civil Appeals of Texas * Book PDF Kindle ePub Free
eBook details
- Title: Ennis State Bank v. Frank Hubacek
- Author : Waco Court of Civil Appeals of Texas
- Release Date : January 05, 1957
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 58 KB
Description
Appellant will be referred to as the bank, and appellee, a used car dealer, will be referred to as the dealer. The bank brought this action against the dealer to recover the amount of principal, interest and attorneys fees alleged to be due on five promissory notes which the dealer had sold and endorsed to the bank, and to foreclose chattel mortgage liens securing payment of the notes. The dealer admitted the validity of the banks claim, but alleged that he had entered into a prior parol agreement with the bank, whereby the latter was to hold in reserve for the dealer an amount equal to two percent of the principal of all notes to be sold and endorsed by the dealer to the bank, such reserve to be used by the dealer and the bank to pay any loss on any of the notes to be sold and endorsed by the dealer to the bank, and the excess of the reserve over the losses, if any, to be paid over to the dealer at the termination of the transaction. The dealer asserted that he was entitled to a credit on the notes sued upon by reason of the reserve fund provided for by the parol agreement.