[DOWNLOAD] "Terence L. Norman v. Kathleen A. Norman" by Court of Appeals of Michigan # eBook PDF Kindle ePub Free
eBook details
- Title: Terence L. Norman v. Kathleen A. Norman
- Author : Court of Appeals of Michigan
- Release Date : January 16, 1993
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 63 KB
Description
The parties were divorced pursuant to a consent judgment of divorce entered on March 27, 1980. The judgment provided, inter alia, that plaintiff was to have a lien on the marital home in the amount of $14,000, which was to accrue interest and was to become due and payable upon the happening of any of certain listed events. One of those triggering events has now occurred and this dispute has arisen concerning whether the interest on the lien was to be calculated as simple or compound interest. The trial court determined that the interest was to be compounded annually. Defendant now appeals, and we reverse. The consent judgment provided that the lien was to be ""with interest to accrue thereon at the rate of 8 3/4% per annum from the date of entry of this judgment."" In reaching its Conclusion, the trial court stated that the judgment was not clear regarding how the interest should be calculated and that it would exercise its equitable jurisdiction to make a discretionary decision, which decision was that, in order to adequately compensate plaintiff, it was necessary to calculate the interest as being compounded annually. In so doing, the trial court erred.
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