PEOPLES TRUST & SAV. BANK v. ARMSTRONG

No. 63233.

297 N.W.2d 372 (1980)

PEOPLES TRUST & SAVINGS BANK, Appellee, v. Ronald E. ARMSTRONG and Sandra J. Armstrong, a/k/a Sandra J. King, a/k/a Mrs. Marvin King, Appellants.

Supreme Court of Iowa.

October 15, 1980.


Attorney(s) appearing for the Case

David W. Sheetz and Michael L. Sheesley, Des Moines, for appellants.

Ralph K. Denny, Des Moines, for appellee.

Considered by UHLENHOPP, P. J., and HARRIS, McCORMICK, LARSON and SCHULTZ, JJ.


UHLENHOPP, Justice.

This appeal involves the meaning of "interest" in the exclusion of "interest and costs" under the small claims statute. See § 631.1, The Code 1979.

Defendants Ronald E. and Sandra J. Armstrong borrowed money from plaintiff Peoples Trust & Savings Bank on a note. They paid the note down to $883.88 and thereafter defaulted. By its terms the note bore interest at one percent per month from date of delinquency. At the time the...

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