Citizens & Southern South DeKalb Bank v. Watkins

Jordan, Justice.

The Citizens & Southern South DeKalb Bank appeals from the grant of an interlocutory injunction to Charles H. Watkins, enjoining the bank from foreclosing two secondary security deeds.

On October 25,1974, Watkins executed a note to the bank in the principal amount of $49,271.50, payable January 23, 1975, bearing interest at the rate of 13% per annum. This note was secured by two secondary security deeds. The bank sought to foreclose these deeds, and Watkins brought an action to enjoin the foreclosure sale claiming that the note was usurious and the indebtedness was not…