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Consumer Law Keyed to Whaley, 9th Ed.
Peoples Trust & Savings Bank v. Humphrey
Citation:
451 N.E.2d 1104 (1983)Facts
In February 1978, the Humphreys approached Peoples Trust and Savings Bank seeking a $35,000 construction loan for a $60,000 house. Bank vice-president Bennett verbally committed to a loan at 8¾% annual interest repayable over 20 years. The Humphreys began construction and expended all their funds. They subsequently executed three promissory notes: a four-month note in June 1978, a ninety-day renewal note in October 1978, and a final Realty Installment Note in November 1978. All three notes contained demand clauses, and the final note included a variable interest rate provision. The Humphreys questioned the variable interest provision when signing the final note but were told by bank employee Bender not to worry about it. In October 1979, the Bank notified the Humphreys of an interest rate increase. When the Humphreys objected, Bank president Hendrickson threatened foreclosure using the demand clause. The Bank subsequently demanded full payment and filed foreclosure proceedings in April 1980.
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