Weiss v. Weiss
Annotate this CaseBefore their divorce, Scott Weiss borrowed $280,000 from Rayna Weiss for an ownership interest in a brokerage service. Upon dissolution of the marriage, the district court determined the loan from Rayna was interest-free. On appeal, the Supreme Court held that the loan required the payment of interest at the rate of ten percent a year and remanded to the district court for calculation of interest from the time Rayna transferred the funds to Scott until the amount was paid in full. Upon remand, the district court concluded that Scott owed Rayna $49,954 in interest on the loan with postjudgment interest accruing at the rate of ten percent per annum until paid. Rayna appealed the district court's determination that the principal of the loan was paid back in full and the court's subsequent calculation of interest. The Supreme Court affirmed, holding (1) the district court correctly determined that the loan was paid off in full by Scott, and (2) district court's subsequent calculation of simple interest on the loan was correct.
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