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PONCA FINANCE CO., INC. v. ESSER

No. WD 63150.

132 S.W.3d 930 (2004)

PONCA FINANCE CO., INC., Appellant, v. Tim ESSER, Respondent.

Missouri Court of Appeals, Western District.

May 11, 2004.

Attorney(s) appearing for the Case

Gary William Smith, Sedalia, MO, for Appellant.

Tim Esser, Warsaw, MO, pro se.

Before: JOSEPH M. ELLIS, C.J., PATRICIA A. BRECKENRIDGE and THOMAS H. NEWTON, JJ.

THOMAS H. NEWTON, Judge.

Ponca Finance Company (Ponca) obtained a default judgment against Mr. Tim Esser on a loan. Although the loan agreement specified an annual interest rate of 125.96%, the circuit court ordered that the judgment bear interest only at the statutory rate of nine percent. Because section 408.1001 clearly states that parties may contract for any agreed-to interest rate, the circuit court misapplied the law. We reverse...

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