Fletcher v. Tuscaloosa Federal Savings & Loan Ass'n

ALMON, Justice.

Appellants, plaintiffs below, filed suit in circuit court seeking declaratory relief upon an indebtedness which was allegedly usurious under existing state law. The suit was styled as a class action; the members of such class being composed of all persons loaned money by appellee, Tuscaloosa Federal Savings and Loan Association, the principal on such loan being greater than $2,000.00 and less than $100,000.00 and at an interest rate in excess of 8% per annum.

The promissory note upon which appellants obligated themselves to appellee reads in pertinent part:

“FOR VALUE RECEIVED,…