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NV One, LLC v. Potomac Realty Capital, LLC

Supreme Court of Rhode Island
84 A.3d 800 (2014)


Facts

NV One, LLC (plaintiff) borrowed $1.8 million from Potomac Realty Capital, LLC (PRC) (defendant) to renovate a post office in Rhode Island. NV One signed a note and mortgage in exchange for the loan. The note and mortgage included a maximum-interest provision, known as a usury savings clause. The clause stated that PRC intended to comply with the state’s 21 percent interest-rate law and that any payments received in excess of the highest acceptable rate would be applied to future payments or refunded to NV One at expiration of the loan. Two years later, PRC sent NV One a notice of default for failing to complete construction on time. NV One sued PRC for violating the usury statute. PRC asserted that the maximum-interest provision in the note and mortgage saved PRC from liability for usury. The trial court held that PRC violated the state usury statute, the usury savings clause was unenforceable, and the loan was usurious and void. PRC appealed.

Rule of Law

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Issue

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Holding and Reasoning (Suttell, C.J.)

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  • A "yes" or "no" answer to the question framed in the issue section;
  • A summary of the majority or plurality opinion, using the CREAC method; and
  • The procedural disposition (e.g. reversed and remanded, affirmed, etc.).

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