St. Louis Realty Fund v. Mark Twain South County Bank 21

GAERTNER, Judge.

This action involves the reformation of a bank note to express the mutual intent of the parties. Plaintiffs appeal a judgment in favor of defendant bank. The primary question on appeal is whether the interest rate on the bank note is set at 13½% or whether it floats up or down with the bank’s prime rate.

St. Louis Realty Fund, a Missouri limited partnership and a plaintiff in the action, was formed in 1979 to purchase the Verde Vista Apartments, a major apartment complex located in Jefferson County. The partnership contracted to purchase the Verde Vista Apartments subject to…