Bank of Maine, N.A. v. Weisberger

McKUSICK, Chief Justice.

This appeal in a mortgage foreclosure case raises questions of the meaning and enforceability of the provision of a promissory note setting interest at “prime + 1%.” In the Superior Court, defendant borrower argued that the interest provision is unenforceable and that accordingly plaintiff Bank of Maine is entitled to no more interest than the 6% maximum set by 9-B M.R. S.A. § 432(1) (1980). The Superior Court rejected that argument and so do we. We, however, vacate the Superior Court’s award of attorney’s fees to the Bank, since we can find neither contractual nor…