The facts of this case are not in dispute. In 1985, defendant loaned plaintiff $120,000 to be used to purchase a 1982 Caterpillar tractor/bulldozer and a 1982 Caterpillar wheel-loader. An annual interest rate of 11¾% was agreed upon with payments to be made in 63 monthly installments. UCC financing statements signed by both parties were duly filed (see, UCC 9-402). A promissory note was also signed by plaintiff. After approximately...
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