Mapes v. Palo Alto Town & Country Village, Inc.

MEMORANDUM DECISION AND ORDER

EDWARD C. REED, Jr., District Judge.

Defendant has moved for summary judgment on the ground that an amendment to Nevada’s usury statute permits the parties to agree on any rate of interest, thus negating the material contention of Plaintiffs that the promissory note here involved is usurious. It is Defendant’s position that the amendment must be given retroactive effect.

The promissory note is dated April 15, 1980, and is secured by a deed of trust of the same date. The statute (NRS 99.050) then in effect limited to 18 percent per annum the rate of interest that…