McTigue v. American Savings & Loan Ass'n

SCHWARTZ, ALAN R., Associate Judge.

The central issue on the main appeal in this case — which is determinative also of the satellite cross-appeal and interlocutory appeals — concerns the question of whether the multi-million dollar mortgage loan given by American Savings & Loan upon a Broward County apartment complex called the Essex House was usurious. We agree with the trial court’s determination that it was not.

When the loan, which had an interest rate of 10%, was initially negotiated in August, 1972,1 American, a domestic savings and loan institution, exacted various discount, commitment…