DR. JAMES STRAMONDO, APPELLANT,
v.
JET 1, INC., F/K/A INTERNATIONAL AVIATION INVESTMENTS, INC.; SCOTT PHILLIPS; AND DONALD WILLIAM MERCER, APPELLEES
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COVINGTON, Judge.
Dr. Stramondo disputes the circuit court’s interpretation of a settlement agreement between Scott Phillips, Donald Mercer, and himself relative to their respective investments in a proposed student housing project. After thoroughly reviewing the record and law, we conclude that the court correctly rejected Dr. Stramon-do’s various affirmative defenses to the enforcement of the contract and properly entered a final judgment in favor of the appellees.
We do find error, however, in the trial court’s use of a compound interest rate for prejudgment interest. Because the agreement contains no express provision for the compounding of interest, the appellees are entitled to only simple interest. See Pitts v. Pastore, 561 So. 2d 297, 302 (Fla. 2d DCA 1990). We therefore reverse and remand for a recalculation of the interest on the sums determined in the final judgment. In all other respects we affirm.
Reversed and remanded for further proceedings.
DAVIS and WALLACE, JJ., Concur.
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Cited By
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Cohen v. Avra Jain, 219 So. 3d 100 (Fla. 3d DCA 2017)…portion of the final judgment awarding only simple interest, it is well-settled that where the note contains no express provision for the compounding of interest, the holder of the note is entitled only to simple interest. Stramondo v. Jet 1, Inc., 865 So. 2d 632 (Fla. 2d DCA 2004); Pitts v. Pastore, 561 So. 2d 297 (Fla. 2d DCA 1990); PDGS, Ltd. v. Motwani, 729 So. 2d 399 (Fla. 4th DCA 1998); Lyons v. Wyman, 658 So. 2d 1104 (Fla. 4th DCA 1995). With regard to Jain and Murphy’s appeal of the final judgment,…
Authorities Cited
- Claude v. Pitts, Jr., 561 So. 2d 297 (Fla. 2d DCA 1990)