On May 8, 2020, the CNMI Supreme Court issued its opinion in Bank of Hawaii v. Angelina Rose Tamanrang, reversing in part the trial court’s judgment and order and remanding for an award of interest.
Angelina Rose Tamanrang entered into a loan with Bank of Hawaii and defaulted. The bank sued and the parties signed a settlement agreement on Feb. 7, 2019. The agreement stated that interest would run at a reduced rate from the date of signing. The trial court entered judgment and ordered interest to run from the date of judgment, Sept. 3, 2019, instead. Bank of Hawaii moved for an award of additional interest, which the court denied.
On appeal, Bank of Hawaii claimed the court erroneously modified the settlement agreement and denied the motion for an award of interest.
The Supreme Court found that the trial court abused its discretion in modifying the agreement and ordered the court to award interest to Bank of Hawaii on remand. (PR)