RAMACHANDRA RAO, J.

( 1 ) THE second defendant in O. S. No. 5/1969 on the file of the Court of the Subordinate Judge, Kakinada is the appellant. The suit was filed by Sri Rama Motor Finance Corporation Kakinada against the two defendant E. John Cyriac and Vasireddi Seetharamaiah, for recovery of a sum of Rs. 31,516-81 Ps. due on a promissory note dated 10-9-1965 executed by the defendants for Rs. 49,817. 00 payable with interest thereon at 12% per annum, and for a charge on the lorry bearing Registration No. APV 5313.

( 2 ) THE plaintiff alleged as follows: The defendants borrowed the sum of Rs. 49,817. 00 from the plaintiff on 10-9-1975 and executed the promissory note. The first defendant entered into a hire-purchase agreement on the same date with the plaintiff firm in respect of a new lorry bearing Registration No. APV 5313 agreeing to pay the pronote amount in 24 monthly instalments, the first installment being Rs. 2092 payable on 10-10-1965, the other instalments of Rs. 2075. 00 payable on the 10th of each succeeding month and the last installment being payable on 10-9-1967. The plaintiff paid cash consideration of Rs. 40,000. 00 to M/s. Sri Ramadas Motor Transport (P) Ltd. ,

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