Richman v. Security Savings & Loan Asso.

The theory of the complaint was an action for conversion for breach of a fiduciary duty. The relief demanded was an accounting for the profits made by defendant on the tax and insurance deposits.

Plaintiffs have filed a reply brief raising for the first time in this case the contention that the tax and insurance deposit provisions of the mortgage note violated sec. 138.04, Stats. Under this new theory, the plaintiffs assert the deposits are installment payments on the mortgage debts and the rates of interest paid by plaintiffs on the declining principal balances exceed the rates specified in…