Severson Agri-Service, Inc. v. Lander

Roland and Doris Lander appeal from a money judgment in favor of Severson Agri-Ser-vice, Inc. (Severson) on its breach of contract claim. The sole issue on appeal is whether Severson may recover interest at a rate of two percent per month on the unpaid balance of the Landers' open-end credit account. We conclude that because Severson failed to comply with the disclosure requirements of secs. 422.302(2) and 422.308(1) and (2), Stats., Severson may only recover interest at the statutory rate of five percent per annum under sec. 138.04, Stats. Therefore, we reverse and direct the trial court to…