Willis v. Community Developers, Inc.

WASSERSTROM, Judge.

Plaintiffs as payees under six promissory notes seek a declaratory judgment determining the extent of their right to interest. In particular, they ask a judicial interpretation of the following delinquency clause which appears in each note: “If default be made of more than thirty (30) days on any one payment, the note shall bear interest at the rate of Six Percent (6%) for the year of delinquency.” The trial court ruled contrary to plaintiffs’ contentions, and they appealed. After initial submission in this court, an opinion was handed down affirming the judgment. However,…