Ronen v. Teer

SHEPARD, Justice.

Plaintiff brought this action against defendant seeking the imposition of the penalties of our usury statute presently codified as I.C. § 28-22-107. Following trial, the district court concluded that although the agreement between the parties contemplated the payment of interest which was usurious, a later agreement the following year had purged the original agreement of its otherwise usurious nature. Judgment was entered for the defendant and plaintiff appeals. We affirm.

Plaintiff and defendant entered into an agreement in July of 1966 wherein plaintiff executed a note for…