Childers v. Conservative Savings & Loan Ass'n

Otte.D.J.

This is an equitable action for reformation of a promissory note and for a declaratory judgment.

On April 22, 1977, the plaintiffs executed and delivered to defendant their promissory note, which provided in part as follows:

It is understood and agreed that at any time after the expiration of two years from the date of this note, the Association may increase the interest charged on this note to a rate which is 3.25% per annum greater than the highest simple interest rate the Association is then offering to pay on its regular savings accounts, or a rate which is 2.00% greater than the…