The Federal Deposit Insurance Corporation, in Its Capacity as Receiver v. Yale A. Fisher

Summary

The court held that the loan's Third Change in Terms agreement unambiguously established a 36 percent default interest rate because the agreement's express default-interest provision controlled when the instrument was read as a whole. It therefore reversed the court of appeals and remanded for further proceedings, declining to decide whether CASOF permits extrinsic evidence to resolve an ambiguous credit agreement. Justice Eid concurred only in the judgment on alternative grounds, while Justice Coats, dissenting, would have affirmed a new trial based on the conflict between the default-rate provision and the language stating that all other terms remained unchanged.