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payment shown below agrees to extend the Maturity and the Due
Date of the Final Payment as follows." Although it is unclear
that the following deferral agreements represent a complete
record, each one extended the maturity date of the note as
follows:
Deferral Agreement Dated Note Extended To
January 15, 1985 March 15, 1985
October 28, 1986 December 15, 1986
March 12, 1987 May 8, 1987
January 13, 1988 March 4, 1988
Similarly, Security sent a “Note Notice” to VIP several times
after the original maturity date of November 15, 1984, calling
for interest payments. Although it is unclear that the following
note notices represent a complete record, each one provided a new
“Due Date” in response to which petitioner made interest payments
as follows:
New Due Date Interest Paid
June 6, 1986 $6,503.43
July 6, 1986 6,028.76
February 2, 1987 8,880.40
May 8, 1987 11,959.76
June 5, 1987 5,278.32
September 1, 1987 17,356.19
November 2, 1987 12,443.66
March 4, 1988 12,538.85
Each interest payment resulted in the renewal and deferral of the
due date of the Security note. All of the payments made by
petitioner to Security prior to 1989 were for interest only.
Petitioner could not have retrieved his pledged certificate
of deposit from Security because the certificate of deposit was
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Last modified: May 25, 2011