Date: 05-13-1996

Case Style: Laurence Eubanks, et aux v. Clinton C. Gold, et aux

Case Number: CJ-93-4337

Judge: Ron Shaffer

Court: Tulsa County

Plaintiff's Attorney: Dale Briggs

Defendant's Attorney: Buddy Fallis

Description: Suite on a promissory note and for foreclosure of mortgage. Defendants were obligated by provision in mortgate to pay $10,801.56 prepayment fee or penalty (6 montly installments of principal and interest) if they paid in full in less than 10 years. Defendants prepaid principal on 40 occasions, advancing the due date of the last payment by 8.5 years. They attempted to stretch the last installment into 20 montly payments, the last of which would be paid just after the 10 year expiration of the prepayment fee or penalty, and tendered a new amortization schedule to that effect. Plaintiffs refused to accept the reduced and extended payments tendered and sued for the last payment and the prepayment penalty. Defenses were: verbal modiciation of written contract and waiver of the prepayment penalty.

Outcome: Quick and unanimous verdict for Plaintiff for $12,597.61, the full amount claimed.

Plaintiff's Experts: James Elliott, CPA, Tulsa

Defendant's Experts: Unknown

Comments: None