Beaty v. Land of Lincoln Savings & Loan

Plaintiffs, Charles and Kay Beaty, brought this class action on behalf of themselves and others similarly situated against defendant Land of Lincoln Savings and Loan, an Illinois corporation. Plaintiffs alleged that defendant wrongfully collected interest on their mortgage loan for an entire month when the loan was completely prepaid on the second day of the month. The trial court granted defendant’s motion to dismiss the complaint in its entirety, and plaintiffs appeal.

The facts are undisputed. On November 27, 1981, plaintiffs purchased a home and assumed a $75,000 mortgage note held by…