Gruenemeier v. Commonwealth Company

On May 19, 1959, plaintiff Victor Gruenemeier executed a note to the defendant for $17,700 at 9 percent interest payable in 30 days. Expected funds to' pay this note not being available, the plaintiffs, on June 10, 1959, executed two new notes and mortgages to pay this original note. The first was a note for $11,700 payable in 36 months at $385 per month, the interest rate being 1% percent per month on the first $1,000, 1 percent per month on that part in excess of $1,000 up to $3,000, and % of 1 percent (9 percent per annum) on the amount in excess of $3,000. At the same time, the plaintiffs…