Stein, Proctor and Conlon. The opinion of the court was delivered by Proctor, J.s.c. (temporarily assigned).
The plaintiff brought an action in the district court on a promissory note made by the defendants to Perma-Wall, Inc. and transferred by it to the plaintiff for value before maturity. The note was originally given to Perma-Wall, Inc., in payment for certain work to be performed for the defendants. The note reads as follows:
$741.96 Roebling N.J. Dec. 28, 1951
(Total of Note) (City) (State) (Date)
UNDERSIGNED PROMISES TO PAY TO THE ORDER OF PERMA-WALL, INC.
SEVEN HUNDRED FORTY-ONE and 96/100 DOLLARS
in 12 equal and consecutive monthly instalments of $61.83 Each, the first payable on the 11th day of Feb. 1952, and subsequent instalments on the same day of each month thereafter until paid in full, with interest from maturity at the highest lawful rate. If any instalment of this note is not paid when due the entire unpaid amount hereof shall immediately become due and payable, together with 15% of the amount unpaid hereon, for collection and attorney fees, and if admitted by law, undersigned jointly and severally authorize any attorney at law to appear in any court of record in the United States for the undersigned, and confess judgment for such amount as may appear to be unpaid hereon at maturity, together with interest and 15 per cent of the amount appearing unpaid hereon for collection and attorney's fees, in favor of the holder hereof, and undersigned waives the issue of process, and all right of appeal. "Late charges" (5c. per $1, maximum $5) are payable on any instalment more than 15 days in arrears. The makers, endorsers, and all parties to this note waive presentment and demand, notice of demand, protest, non-payment or dishonor, and notice of the sale of any collateral
security and hereby authorize holders, without notice to grant in whole or in part, extensions in the time of payment and guaranteed payment notwithstanding such ...