Defendant counterclaimed for interference with contractual rights. A jury trial was held and verdicts against plaintiffs returned. A final judgment was entered in accordance with the verdicts. The district court denied plaintiffs' motion for new trial and defendant's motion for judgment notwithstanding the verdict.
Plaintiffs appeal from the judgment and the denial of the motion for a new trial.
This court orders a new trial on the grounds that the trial court gave erroneous instructions on the issue of acceleration and these instructions prejudiced the plaintiffs. It is hereby agreed that if default be made in the payment of any part of the principal or interest of the promissory note secured hereby at the time and in the manner therein specified, or if any breach be made of any obligation or promise of debtor herein contained or secured hereby, or if any or all of the property covered hereby be hereafter sold, leased, transferred, mortgaged, or otherwise encumbered without the written consent of Secured Party first had and obtained , or in the event of the seizure of the aircraft under execution or other legal process, or if for any reason Secured Party may deem itself insecure, then the whole principal sum unpaid upon said promissory note, with the interest accrued thereon or advanced under the terms of this Security Agreement, or secured hereby, and the interest thereon, shall immediately become due and payable at the option of Secured Party . The security agreement also provided that the laws of Texas would apply with respect to rights under the agreement. Plaintiffs became co-insureds with Herriford on the airplane in 1973. Plaintiffs filed this action for conversion on August 15, 1975.