Associated Oregon Veterans v. Department of Veterans' Affairs

Plaintiff borrowers brought this action for declaratory and injunctive relief, seeking a determination of their rights under their farm and home loan agreements with defendant (DVA). They appeal from a summary judgment granted in favor of DVA. We affirm.

Between July, 1971, and August, 1982, plaintiffs executed notes secured by mortgages. Each note provided for a variable interest rate, a specific date on which the loan would be paid off and monthly payments that were to be “applied first as interest on the unpaid balance, the remainder on the principal.” Each mortgage also contained a…