CBS Real Estate of Cedar Rapids, Inc. v. Harper

UHLENHOPP, Justice.

This appeal involves usury and foreclosure problems in a suit on a note and mortgage.

On two occasions defendant Joann E. Harper borrowed money on her notes, each bearing 15% interest, from her employer, plaintiff CBS Real Estate of Cedar Rapids, Inc. Each time CBS itself borrowed the money from its bank at 15% interest. Harper was buying a home on contract, and she subsequently gave CBS a second mortgage on her equity in the home to secure the notes. Later she consolidated her indebtedness on the two notes into one note, likewise carrying 15% interest. At various times she…