Kaski v. First Federal Savings & Loan Ass'n of Madison

The plaintiffs, Wayne E. and Libyan Kaski, brought an action on behalf of themselves and others allegedly similarly situated to declare that an interest rate escalation clause contained in the mortgage note given to First Federal Savings and Loan Association of Madison is invalid because it is unconscionable and is vague and indefinite. They ask that the mortgage interest be restored to the rate agreed upon in the original mortgage and note executed in June of 1967.

Following defendant’s demurrer, the trial judge held that the plaintiffs had failed to state a cause of action under Wisconsin…