Opinion ID: 1822133
Heading Depth: 1
Heading Rank: 1

Heading: interlocutory decree:

Text: This matter coming on for a hearing, it was submitted upon the pleadings, testimony taken ore tenus on August 2, 1988, and argument of counsel. The plaintiffs filed a declaratory judgment action, also praying for general relief, wherein the plaintiffs sought a declaration of rights respecting the day the interest began to accrue under the terms of a promissory note and the application of monies arising out of timber sales. The plaintiffs contend that interest on the debt should have begun to accrue on January 1, 1977, and that timber sale proceeds should be applied first to principal obligation. The defendants maintain that interest began to accrue from the date of the creation of the debt, August 6, 1976, and that the timber proceeds should first be applied to accrued interest and then principal. Under consideration of the foregoing, the court is of the opinion that the following decree is due to be entered.