Hemenway v. Miller

In 1980, Margaret and Ken Miller (Miller) sold a business to Robert and Patricia Hemenway (Hemenway) for $113,000. Hemenway made a $20,000 down payment and executed a $93,000 promissory note for the balance, to be paid in annual installments of $13,000. Miller took a security interest in the inventory, equipment and goodwill of the business.