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WAGNON v. SLAWSON EXPLORATION CO.

No. 70,276

255 Kan. 500 (1994)

874 P.2d 659

KENNETH J. WAGNON, Individually and as Nominee for THOMAS R. DEVLIN and FRANK BARTON; THOMAS R. DEVLIN; W. FRANK BARTON; TIMOTHY E. McKEE, Successor Trustee; and B. TAD PATTON, Successor Trustee, Appellants, v. SLAWSON EXPLORATION COMPANY, INC., and DONALD C. SLAWSON, Appellees.

Supreme Court of Kansas.

Opinion filed May 27, 1994.

Attorney(s) appearing for the Case

Eric B. Metz, of Triplett, Woolf & Garretson, of Wichita, argued the cause and was on the briefs for appellants.

David J. Morgan, of Hershberger, Patterson, Jones & Roth, L.C., of Wichita, argued the cause, and H.E. Jones and Marc P. Clements, of the same firm, were with him on the brief for appellees.

Charles N. Henson, of Wright, Henson, Somers, Sebelius, Clark & Baker, of Topeka, was on the brief for amicus curiae The Kansas Bankers Association.

The opinion of the court was delivered by

ABBOTT, J.:

The issue in this case is whether the plaintiffs are entitled to 18 percent interest or 24 percent interest on a debt.

The trial court granted summary judgment to the defendants, holding that K.S.A. 16-205 precludes a higher interest rate because of a nonmonetary default and, further, that the renewal note did not provide for the default interest rate in the event of a nonmonetary default. The court...

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