The underlying action was instituted to recover the balance due upon a promissory note in the amount of $5,162.40 made by defendant and purchased by plaintiff from the promisee, Community Savings Bank, for $3,939.47 under its guarantee. Defendant defaulted on the terms and conditions of the note, which represents a student loan, on December 26, 1979. The note provides for counsel fees of 25% on the unpaid balance in the event of default and...
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