Court Opinion

ID: 9830300
Source: CourtListenerOpinion
Date Created: 2023-09-01 20:05:15.852834+00
Date Added: 2024-06-11T07:43:18.495476
License: Public Domain

On Motion for Rehearing.
On motion for rehearing, appellants attack the findings of this court, to the effect that the $6,500 loan, evidenced by two $500 notes and one $5,500 note, each bearing interest at the rate of 6 per cent, per annum from date, and assert that such notes did not bear interest until maturity and then bore interest at the rate of 10 per cent, per annum. The $5,500 note contains this clause, “with interest thereon at the rate of six per cent (6%) per annum, payable semi-annually, according to the terms of the interest coupons of even date herewith and attached hereto. This coupon and any interest thereon shall bear interest at the rate of ten per cent per annum after maturity until paid.” The ten interest coupon notes attached to the principal note, representing a semiannual payment of interest at the rate of 6 per cent, per annum, did not bear interest until maturity, and then each matured coupon note bore interest at the rate of 10 per cent, per annum. This same interest clause is contained in all the other notes executed by appellants, which represent a part of the principal of the loan. The contract for the loan called for 8 per cent, interest; the remaining 2 per cent, interest was represented by one installment note, secured by a second deed *540of trust lien, and did not bear interest until after maturity, and tben bore interest at 10 per cent, per annum.
Seemingly, appellants’ theory is that, in executing the notes representing the principal indebtedness, in executing tbe coupon notes representing the semiannual payment of interest, and in executing the second lien note, representing the 2 per cent, interest, all must he considered as the principal indebtedness, and that the sum total of the notes, representing the principal, the coupon interest notes, and the installment interest note, constitutes the amount of money appellants obligated themselves unconditionally to pay, and that the difference of this sum total and the $6,500 received by appellants represents the payment for the use of the money they received. We did not so construe appellants’ contract and we think the opinion is plain on this question.
We have carefully considered all of the other grounds urged by appellants for a rehearing, with the result that we adhere to our conclusion in the original opinion, and overrule the motion for a rehearing.
Overruled.