Woodworth v. The Richmond Indiana Venture

1990 Ohio Misc. LEXIS 123 (1990)

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Nature of the Case

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Facts

P executed a promissory note in which he promised to pay to the order of D or holder the sum of $655,625.00. The note was given to pay part of the deferred portion of P's investment in D. The promissory note was assigned to Signet Bank (D). P is in default on the promissory note. P filed this action on November 23, 1989. On the note is a forfeiture clause, exercisable by D. D at its option could forfeit P’s interest in D if P defaulted on the payments. There was no provision for D to account for any previous sums paid. Signet (D) moved for summary judgment. P moved for partial summary judgment.