JNT Properties, L.L.C. v. KeyBank National Ass'n

{¶ 1} The parties in this case disagree about whether a clause in a promissory note is ambiguous. For the reasons that follow, we conclude that the clause is not ambiguous, and we reverse the judgment of the court of appeals.

Background

{¶ 2} Appellant, KeyBank National Association, loaned money to appellee, JNT Properties, L.L.C. The promissory note that memorializes their agreement includes language that, JNT argues, fixes the rate of interest at 8.93 percent per annum, but KeyBank is charging 8.93 percent every 360 days, a higher rate. KeyBank counters that the note fixes the rate using the…