[Download] "Frederick J. Barck and Marie v. Barck V." by Court of Appeals of Michigan * Book PDF Kindle ePub Free
eBook details
- Title: Frederick J. Barck and Marie v. Barck V.
- Author : Court of Appeals of Michigan
- Release Date : January 17, 1984
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 62 KB
Description
Plaintiffs appeal as of right from a grant of summary judgment for defendant under GCR 1963, 117.2(3) and from the circuit court's denial of their motion to extend an injunction pendente lite. We affirm. Plaintiffs, desirous of purchasing a home, and defendant entered into a promissory note secured by a mortgage on the home. The promissory note was for the principal amount of $30,000 with interest at 9.5% per annum, for a period of five years, with monthly payments of $279.64. The mortgage agreement contained the following clause: ""Balance due in five years with option to renew at current rate of interest"". The first, and novel, issue for our consideration is whether the above clause violates the statutory stricture that ""the note, mortgage, contract, or other evidence of indebtedness shall not provide that the rate of interest initially effective may be increased for any reason whatsoever"". MCL 438.31c(2); MSA 19.15(1c)(2).
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