Jim Walter Homes, Inc. v. Schuenemann

I concur in the Court’s holding.

It will generally be presumed in cases such as this that the parties intended a non-usurious contract. “The contract under construction will not be found usurious on its face unless it expressly entitles the lender, upon the happening of a contingency or otherwise to exact interest at a greater rate than that allowed by law.” Smart v. Tower Land and Investment Company, 597 S.W.2d 333, 341 (Tex.1980). In the Tower Land and Investment Company case, this Court was asked to construe a note which provided for the advance payment of interest for the first six years,…