SMITH v. AVCO MORTG. AND ACCEPTANCE, INC.

Record No. 950649.

465 S.E.2d 588 (1996)

William F. SMITH, et al. v. AVCO MORTGAGE AND ACCEPTANCE, INC.

Supreme Court of Virginia.

January 12, 1996.


Attorney(s) appearing for the Case

J. Gray Lawrence, Jr., Chesapeake (Robert E. Brown; Howell, Daugherty, Brown & Lawrence, Norfolk, on brief), for appellants.

William C. Bischoff, Virginia Beach, (Croshaw, Beale, Hauser & Lewis, on brief), for appellee.

Present: CARRICO, C.J., and COMPTON, STEPHENSON, LACY, HASSELL and KEENAN, JJ., and WHITING, Senior Justice.


WHITING, Senior Justice.

In this appeal, we deal with issues arising out of a creditor's refusal of the borrowers' tender of an uncertified check in their attempted exercise of a right contained in the following contractual provision:

The Borrowers shall have the right to pay off the loan, in full, prior to the maturity date, so long as they are current on their monthly payment obligations, by payment of the sum of SIXTY THOUSAND AND NO/100 DOLLARS ($60,000...

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