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McManus v. Turner

The trial court did not err in refusing to allow an affidavit stating that the plaintiff's attorney accelerated the promissory note since there was no factual basis supporting a finding that the attorney named in the affidavit had authority to bind the defendant to third parties.

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In this suit on a note, the sole question raised on appeal is whether the statute of limitations had run on the payee’s claim, which depends on whether the note was accelerated. On or about December 21, 1990, Old Ellis Pointe entered into a $300,000 promissory note, under seal, in favor of Mary Lou Cook. Gregory D. McManus and Hugh Gilliam, officers of the corporation, guaranteed the note but not under seal. Twelve quarterly payments were required beginning March 15, 1991 and ending on December 15, 1993. The note contained an acceleration clause which Cook could exercise fifteen days after notification of nonpayment.

The note was not paid, and the outstanding principal balance and unpaid interest became due on December 15, 1993. McManus admits he signed the guaranty and that he never made any payments on the Note. Old Ellis Point was administratively dissolved in 1996.

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