Oleson

Defendants A. G. Tellson and Anne H. Tellson appeal from a judgment against them. Defendants purchased a business and executed a promissory note for $27,000 to the sellers. That promissory note *673 was assigned to plaintiffs Anna Oleson and Olaf Oleson as holders, and payments were made by defendants. Gerald Wikes and Joelann Wikes purchased the business from defendants and agreed to assume the obligation under the promissory note. Plaintiffs were informed of the sale of the business and were requested to file a beneficiaries’ statement with the escrow, which they did. Plaintiffs accepted one payment in full from the Wikes subsequent to the closing of escrow, and thereafter plaintiffs accepted payments of interest, only. Defendants were not informed by plaintiffs that plaintiffs were accepting only interest as payments from the Wikes.

The promissory note included an acceleration clause which provided that the holder of the note had the option of declaring the whole principal and interest immediately due on transfer of the business. Plaintiffs did not exercise their rights under the acceleration clause.

After the aforesaid payments by the Wikes, the Wikes were…