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BANK OF MAINE, N.A. v. WEISBERGER

477 A.2d 741 (1984)

BANK OF MAINE, N.A. v. Hal WEISBERGER, Trustee and Barbara Harthorn, Intervenor.

Supreme Judicial Court of Maine.

Decided July 6, 1984.

Attorney(s) appearing for the Case

Sanborn, Moreshead, Schade & Dawson, Linda B. Gifford (orally), Charles E. Moreshead, Augusta, for plaintiff.

Preti, Flaherty & Beliveau, Robert Checkoway, Portland, for Maine Bankers Assn., amicus curiae.

Wright & Mills, P.A., S. Peter Mills (orally), Nancy Diesel Mills, Skowhegan, for defendant.

Before McKUSICK, C.J., and NICHOLS, ROBERTS, GLASSMAN and SCOLNIK, JJ.

McKUSICK, Chief Justice.

This appeal in a mortgage foreclosure case raises questions of the meaning and enforceability of the provision of a promissory note setting interest at "prime + 1%." In the Superior Court, defendant borrower argued that the interest provision is unenforceable and that accordingly plaintiff Bank of Maine is entitled to no more interest than the 6% maximum set by 9-B M.R. S.A. § 432(1) (1980). The Superior Court rejected that argument and...

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