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SILVERSTEIN v. SHADOW LAWN SAVINGS & LOAN ASS'N.

51 N.J. 30 (1968)

237 A.2d 474

JACOB SILVERSTEIN AND SHIRLEY SILVERSTEIN, HIS WIFE, ON BEHALF OF THEMSELVES AND ON BEHALF OF ALL OTHER MORTGAGORS SIMILARLY SITUATED, PLAINTIFFS-APPELLANTS, v. SHADOW LAWN SAVINGS AND LOAN ASSOCIATION, A BODY CORPORATE OF THE STATE OF NEW JERSEY, DEFENDANT-RESPONDENT.

The Supreme Court of New Jersey.

Reargued November 22, 1966.

Decided January 17, 1968.

Attorney(s) appearing for the Case

Mr. Eugene W. Landy for plaintiffs-appellants (Messrs. Landy, Bonello & Bonello, attorneys; Mr. Landy, of counsel).

Mr. Edward C. Stokes for defendant-respondent.

Mr. Israel Spicer on reargument for New Jersey Bankers Association, amicus curiae.

Mrs. Marilyn Loftus Schauer, Deputy Attorney General, on reargument for the Commissioner of Banking and Insurance of the State of New Jersey, amicus curiae (Mr. Arthur J. Sills, Attorney General of New Jersey, attorney; Mrs. Schauer, of counsel and on the brief).

Mr. Theodore H. Davis on reargument for New Jersey Savings and Loan League, amicus curiae.

Mr. Robert F. Darby on reargument for Savings Banks' Association of New Jersey, amicus curiae.

The opinion of the court was delivered by HALL, J.

This case concerns the method of computing interest on a long term amortizing mortgage bond, payable in equal monthly installments covering interest and principal. The question is whether what is roughly referred to as a "365 day year" or a "360 day year" is to be used in the computation. It arises under a claim asserted by the plaintiffs-mortgagors against their mortgagee for breach of contract. Usury is not involved...

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