Brown v. Brune

This is a declaratory judgment action to determine the interest rate for the installment purchase of real property under the terms of a contract. Plaintiff appeals the trial court’s ruling that the applicable interest rate is nine and one-half percent. We hold that the trial court erred and that the interest rate is seven and one-half percent.

Plaintiff and Kettleberg were business partners who signed a buy-sell agreement which provided that, on the death of one of the partners, the survivor had the right to buy one or more of a group of properties. The procedure for buying the properties was…