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Peoples Trust & Savings Bank v. Humphrey

451 N.E.2d 1104 (1983)

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Peoples Trust & Savings Bank v. Humphrey

Indiana Court of Appeals
451 N.E.2d 1104 (1983)

AR

Facts

Humphrey (plaintiff) received a home construction loan from Peoples Trust & Savings Bank (defendant). Through prior discussions with Peoples, Humphrey believed that he was getting a fixed loan at a good rate. However, the loan actually had a variable rate and a pay-on-demand clause. No disclosure statements, other than the note itself, were given to Humphrey. Humphrey became unhappy with the loan and hired an attorney. The attorney wrote Peoples a letter seeking to fix the loan’s interest rate as agreed. Peoples responded by demanding full payment. While Humphrey continued to send the required monthly payments, Peoples simply kept the checks and did not credit Humphrey’s account. Instead, Peoples continued to demand full payment. Humphrey sued Peoples for violating the Truth in Lending Act, and the court ruled in Humphrey’s favor. Additionally, using Indiana law, the court reformed the loan to a fixed interest rate and deleted the pay-on-demand clause. Peoples appealed, arguing that violations of the act did not affect the enforceability of the underlying loan contract.

Rule of Law

Issue

Holding and Reasoning (Robertson, J.)

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