Supreme Court of California

In a suit for breach of contract, alleging that defendant overcharged plaintiff in interest under the promissory note and in attorney fees purportedly incurred to collect on the note, the judgment of the trial court is reversed, as the trial court erred in ruling that defendant was entitled to collect interest at the default rate after the promissory note matured, as the default interest rate provision is part of an acceleration clause which was not triggered before the note matured. However, defendant's claim that the trial court erred in crediting plaintiff for 21 days of interest based on the court's finding that defendant's payoff demand failed to comply with Civil Code section 2943(a)(5) is without merit.

Appellate Information

• Decided 08/31/2012
• Published 08/31/2012

Judges

• Chaney

Court

• Supreme Court of California

Counsel