FLORENCE v. NEW YORK LIFE INS. CO.

No. 76-153.

48 Ohio St. 2d 59 (1976)

FLORENCE, APPELLEE, v. NEW YORK LIFE INS. CO., APPELLANT.

Supreme Court of Ohio.

Decided November 17, 1976.


Attorney(s) appearing for the Case

Roger B. Turrell & Associates Co., L. P. A., and Mr. Roger B. Turrell, for appellee.

Messrs. Taft, Stettinius & Hollister and Mr. Gerald J. Rapien, for appellant.


WILLIAM B. BROWN, J.

The issue before this court is whether a contract which guarantees a nonusurious minimum rate of interest, and also promises the payment of additional interest at a rate to be periodically declared by the promissor, "stipulates" a rate of interest within the meaning of R. C. 1343.01 and 1343.03.

R. C. 1343.01, at the time the contract contested in this cause was entered into, provided, in pertinent part:

"The parties to a bond...

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