Citizens Budget Co. v. O'Connell

BY THE COURT

The trial court upon examining the note ascertained from its terms that it provided for interest in excess of eight percent and was apparently usurious under §8303 GC. The court interpreted the language of §8306 GC as authorizing the court to refuse to enter judgment for usurious interest although usury was not pleaded and on its initiative reffused to enter judgment for so much of the claim as included interest in excess of eight percent. The court was justified in its position by Goode v Sutton, 29 Oh St 587.

However, the plaintiff claimed that it was licensed to conduct a loan…