Schwartz v. Schultz

*9421. The three promissory notes were executed by the plaintiffs on May 7, 1974. Each typewritten note is for a term of ten years and is payable in monthly installments. The monthly sums to be paid are delineated in dollar amounts. As to interest, two of the notes provide for repayment of the sum borrowed “with interest thereon at the rate of 9%,” while the third note provides for repayment of principal “with interest thereon at the rate of nine per cent.” The words “per annum,” “annual,” or “annually” are not used in connection with the interest rate.

The notes each contain a number of provisions…