Goebel v. First Federal Savings & Loan Ass'n

The facts in the case are not in dispute. Although First Federal is a federally regulated institution, see: Kaski v. First Fed. S. & L. Asso. of Madison, 72 Wis.2d 132, 240 N.W.2d 367 (1976), the resolution of the instant controversy depends on the interpretation of the note and mortgage as a matter of state contract law.

On May 29, 1964, the plaintiffs, as mortgagors, executed a mortgage in favor of First Federal, as mortgagee, in the amount of $17,000, with interest at six percent annually, payable in monthly installments.

The note contained the following interest rate adjustment provision:

“.…