Wood v. Short-Hagy, L.P.

By Judge Randall G. Johnson

This is an action to require the clerk of court to mark a deed of trust “satisfied.” At issue is the proper rate of interest to be applied to a note.

On July 21, 1992, James and Margaret Stallings executed a promissory note payable to the current plaintiffs, Frank A. Wood, Jr., and William H. Jones, Jr., in the principal amount of $135,000 with interest at the rate of 9% per year. Payments of principal and interest were to be made in equal monthly installments of $1,214.63 beginning August 21,1992, and continuing on the 21st day of each month thereafter until July…