Houston Sash and Door Co., Inc. v. Heaner

JOHNSON, Justice.

This is a case which presents a question of first impression — whether the charging of interest on an open account during the interest-free period specified in Article 5069-1.03 1 constitutes interest in excess of double that allowed by Article 5069-1.01, et seq., thereby subjecting the creditor to loss of principal, twice the interest charged, all other charges, and debtor’s reasonable attorneys’ fees as provided by Article 5069-1.-06(2). We hold that it does.

In this case the plaintiff creditor, Houston Sash and Door Company, sought recovery against a corporate debtor,…