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NV One, LLC v. Potomac Realty Capital, LLC

Supreme Court of Rhode Island

84 A.3d 800 (2014)

Contracts
Relevant factsFree

PRC's loan to NV One included a usury savings clause stating PRC's intent to comply with the state's 21% interest cap and providing that excess payments would be refunded or credited, but PRC nonetheless charged NV One interest exceeding that cap; the trial court found the loan usurious and void, rejecting PRC's reliance on the savings clause.

IssueFree

Whether usury savings clauses are unenforceable on public-policy grounds.

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