Armstrong v. Steppes Apartments, Ltd.

OPINION

DAY, Justice.

INTRODUCTION

Appellees Steppes Apartments, Ltd. (“Steppes”) and John L. Feece brought this declaratory judgment action against appellant Donald E. Armstrong, Trustee of the Donald E. Armstrong Family Trust and the Donald E. Armstrong Charitable Remainder Unitrust, for a declaration of whether Steppes was in default under loan documents securing the purchase of an apartment complex. After a non-jury trial, the trial court determined that Steppes was not in default and that Armstrong contracted for, charged, and received usurious interest in an amount more than double that…