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IN THE COURT OF APPEALS OF IOWA No. 6-699 / 06-0095 Filed September 21, 2006 ALCOA EMPLOYEES AND COMMUNITY CREDIT UNION, Plaintiff-Appellant, vs. SCOTT A. TOOLEY and MELISSA J. TOOLEY, Defendants-Appellees. ________________________________________________________________ Appeal from the Iowa District Court for Scott County, David H. Sivright, Judge.

Plaintiff appeals the summary judgment entered in favor of defendants. AFFIRMED.

R. Craig Oppeln of Allbee, Barclay, Allison, Denning & Oppel, P.C., Muscatine, for appellant. Kyle D. Williamson of Williamson Law Office, Davenport, for appellee Scott Tooley. Melissa J. Tooley, Davenport, pro se.

Considered by Vogel, P.J., and Miller and Eisenhauer, JJ.

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EISENHAUER, J. The question presented for us in this appeal is when the statute of limitations begins to run on a written promissory note: the date of default or the date the proceeds from the sale of the collateral are credited to the account? The facts are undisputed. Scott and Melissa Tooley borrowed $26,000 from the Alcoa Employees and Community Credit Union and provided the credit union the title to a motor vehicle as collateral. The Tooleys failed to make timely monthly payments on the loan and a notice of the right to cure default was given to them on June 17, 1993. The Tooleys failed to cure their default and the credit union repossessed the vehicle in January 1994. The net proceeds from a

subsequent sale of the vehicle were applied to the loan balance on November 30, 1994. On October 26, 2004, the credit union filed an action to recover monetary damages associated with the Tooleys' deficiency. The Tooleys raised the tenyear statute of limitations as a defense. See Iowa Code

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