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COLCLASURE v. KANSAS CITY LIFE INS. CO.

No. 85-241.

720 S.W.2d 916 (1986)

290 Ark. 585

Jackie Don COLCLASURE; June Colclasure; Thelma Norine Colclasure; Thelma Norine Colclasure, Guardian of the Estate of Ralph E. Colclasure; and Jackie Don Colclasure, Trustee, Appellants, v. KANSAS CITY LIFE INSURANCE COMPANY and J. Marshall Chatfield, Successor Trustee, Appellees.

Supreme Court of Arkansas.

December 22, 1986.

Attorney(s) appearing for the Case

Paul Johnson, Little Rock, for appellants.

Thaxton, Hout, Howard & Nicholson by Steven G. Howard, Newport, for appellees.

DUDLEY, Justice.

The appellee, Kansas City Life Insurance Company, loaned $450,000.00 to appellants. The installment promissory note evidencing the debt was secured by a mortgage on appellants' farm. When appellants defaulted on an annual installment payment, appellee accelerated the maturity date, made demand, and filed suit for foreclosure in chancery court. The appellants answered, and, in addition, filed a complaint...

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