August 2013
Bankers Letter of the Law;Aug2013, Vol. 47 Issue 8, p6
The article discusses a court case between JNT Properties and Keybank on the debate on the use of interest rate against method of calculating interest in bank transactions. The case happened when Keybank was alleged by JNT that it breached its deal through charging interest higher than the rate mentioned in the promissory note, which was at 5.68 percent per year. The Supreme Court of Ohio decided in favor of JNT, when the 360/365 method clause was meant for computing interest fees. not rates.


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