Goebel v. First Federal Savings and Loan Association of Racine

266 N.W.2d 352 (1978)

From our private database of 46,100+ case briefs, written and edited by humans—never with AI.

Goebel v. First Federal Savings and Loan Association of Racine

Wisconsin Supreme Court
266 N.W.2d 352 (1978)

Facts

In 1964, Goebel and others (plaintiffs) signed a note and a 25-year mortgage with First Federal Savings and Loan Association of Racine (First Federal) (defendant). The plaintiffs borrowed $17,000 at 6 percent annual interest, payable in monthly installments of $110. The note included an interest-rate adjustment provision. The note also provided that First Federal could increase the amount of the plaintiffs’ monthly payments if the plaintiffs took future advances or if First Federal made necessary cash expenditures in connection with the loan. Approximately nine years later, First Federal informed the plaintiffs that the interest rate under the loan was increasing,to 8 percent in September 1973. First Federal notified the plaintiffs that the interest rate would only increase to 7 percent in November 1973. First Federal suggested that the plaintiffs increase the monthly mortgage payment by $7.49 or extend the loan an additional two years to pay the increase in interest. The plaintiffs took neither action, but continued to make monthly payments in the agreed amount of $110. After discovering that hundreds of other borrowers had paid First Federal higher monthly mortgage payments to cover the interest-rate increase, the plaintiffs brought a class action against First Federal. The plaintiffs argued that First Federal could not increase the amount of monthly mortgage payments or require that a loan be extended to pay the amount of an increased interest rate.

Rule of Law

Issue

Holding and Reasoning (Hansen, J.)

What to do next…

  1. Unlock this case brief with a free (no-commitment) trial membership of Quimbee.

    You’ll be in good company: Quimbee is one of the most widely used and trusted sites for law students, serving more than 747,000 law students since 2011. Some law schools—such as Yale, Berkeley, and Northwestern—even subscribe directly to Quimbee for all their law students.

    Unlock this case briefRead our student testimonials
  2. Learn more about Quimbee’s unique (and proven) approach to achieving great grades at law school.

    Quimbee is a company hell-bent on one thing: helping you get an “A” in every course you take in law school, so you can graduate at the top of your class and get a high-paying law job. We’re not just a study aid for law students; we’re the study aid for law students.

    Learn about our approachRead more about Quimbee

Here's why 747,000 law students have relied on our case briefs:

  • Written by law professors and practitioners, not other law students. 46,100 briefs, keyed to 987 casebooks. Top-notch customer support.
  • The right amount of information, includes the facts, issues, rule of law, holding and reasoning, and any concurrences and dissents.
  • Access in your classes, works on your mobile and tablet. Massive library of related video lessons and high quality multiple-choice questions.
  • Easy to use, uniform format for every case brief. Written in plain English, not in legalese. Our briefs summarize and simplify; they don’t just repeat the court’s language.

Access this case brief for FREE

With a 7-day free trial membership
Here's why 747,000 law students have relied on our case briefs:
  • Reliable - written by law professors and practitioners, not other law students
  • The right length and amount of information - includes the facts, issue, rule of law, holding and reasoning, and any concurrences and dissents
  • Access in your class - works on your mobile and tablet
  • 46,100 briefs - keyed to 987 casebooks
  • Uniform format for every case brief
  • Written in plain English - not in legalese and not just repeating the court's language
  • Massive library of related video lessons - and practice questions
  • Top-notch customer support

Access this case brief for FREE

With a 7-day free trial membership