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The court clarified an entered order on interest and costs in a promissory note dispute, confirming contractual interest for the plaintiff and court-order interest on indemnity and contribution claims.
The Indemnity Agreement was a specialty executed under seal and thus subject to the 20-year limitation; the limitation periods on the collateral demand mortgages began when MICC advanced funds and sustained a loss on April 30, 1993, so the respondent's April 25, 2003 action was within the applicable ten-year limitation for mortgage enforcement; the trial judge erred by applying the 18% mortgage interest so as to inflate the indemnity debt beyond the primary obligation and the judgments must be recalculated to ensure mortgage recovery does not exceed the primary indemnity debt; appeal allowedâŠ
Source excerpt
El Tribunal declaró inexigible el acuerdo por falta de consideración, limitó la recuperación al principal con interés judicial y concedió un set-off de $20,000 por abuso de proceso.
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