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Motor & Industrial Finance Corporation, hereinafter referred to as plaintiff, brought this suit against Mr. and Mrs. Emery H. Hughes, hereinafter referred to as defendants, to recover on three certain promissory notes and for a declaratory judgment as to the validity of such notes and their supporting deeds of trust. Plaintiff alleged that the notes and deeds of trust were executed by defendants while Mr. Hughes was the principal executive officer of the plaintiff corporation, and while both he and Mrs. Hughes were members of its Board of Directors and stockholders in the corporation. The principal property involved in the several deeds of trust was and is the separate estate of the defendant, Mrs. Hughes. Note Number One dated November 16, 1951 was for the principal sum of $99,900.00, together with interest at the rate of 2% per annum, the interest "in any event" payable quarterly (meaning at each three-month interval) as it accrued. The note provided that the principal was to be due and payable on November 16, 1961 and that all past due interest would bear interest at the rate of 4% per annum and for attorneys fees of 3% of the principal and interest, if placed in the hands of an attorney for collection, or if suit was brought thereon. The deed of trust mortgage recited the indebtedness owing from the defendants to the plaintiff as evidenced by said note. The note was quoted and set forth in said deed of trust mortgage and the deed of trust contained a provision that "whereas the Grantors are justly indebted to the Motor & Industrial Finance Corp., hereinafter called the beneficiary," and the further provision:

Professional & Technical
May 8
LawApp Publishers
Innodata Book Distribution Services Inc

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