Court Opinion

ID: 9546691
Source: CourtListenerOpinion
Date Created: 2023-08-07 17:34:16.591913+00
Date Added: 2024-06-11T15:16:47.112794
License: Public Domain

Thompson, J.,
dissenting in part only:
Parties may agree for the payment of any rate of interest not exceeding, however, the rate of 12 percent per annum. NRS 99.050(1). Any agreement for a greater rate of interest is void and of no effect as to such excessive rate of interest. NRS *29699.050(2). It is clear to me that an agreement for a rate of interest greater than 12 percent per annum is void only as to “such excessive rate,” that is, the rate in excess of 12 percent per annum. In Kline v. Robinson, 83 Nev. 244, 428 P.2d 190 (1967), this court so ruled. Although we have no duty to follow an absurd or obsolete decision and blindly adhere to stare decisis (see dissenting opinion, Sargeant v. Sargeant, 88 Nev. 223, 495 P.2d 618 (1972)), the interpretation placed upon NRS 99.050 by this court in Kline is sensible. Consequently, I think that it is unwise to void such a recent holding and intrude upon the legislative province. Otherwise, I agree with today’s opinion.