Silverstein v. Shadow Lawn Savings & Loan Ass'n.

The opinion of the court was delivered by

Hall, J.

This case concerns the method of computing interest on a long term amortizing mortgage bond, payable in equal monthly installments covering interest and principal. The question is whether what is roughly referred to as a “365 day year” or a “360 day year” is to be used in the computation. It arises under a claim asserted by the plaintiffs-mortgagors against their mortgagee for breach of contract. Usury is not involved in this case. The action was framed as a purported class suit on behalf of all mort gagors of defendant similarly situated. The…