Nick Allen Davis v. C. L. Hinton

FONES, Chief Justice. OPINION Appellant executed a note in the principal sum of $4,750.00, payable to appellee with interest
from date at 8% per annum. The note, dated on an unspecified day in September, 1972, was given for the balance of the purchase
price of certain real property. It called for the payment of $750.00, plus accrued interest, on January 15, 1973, and $1,000.00
per year, plus accrued interest, on January 15 in the years 1974 through 1977. The note did not contain any provision concerning
prepayment. On January 15, 1973, the appellant paid to the appellee the first payment of $750.00 plus accrued interest. On May 9, 1973,
the appellant tendered to the appellee the entire principal amount of $4,000.00, then owing under the note, plus the sum of
$114.78, which represented the accrued interest at 8% on the $4,000.00 principal, from January 15, 1973, to May 9, 1973. The
appellee refused to accept the $114.78, and insisted upon the full amount of interest that would have been due over the entire
term of the note, i.e., $800.00. Appellant paid the $800.00 by check, noting thereon that it was paid under protest.