Harrell v. COLONIAL FINANCE CORPORATION

POPE, Justice.

This is a usury case. Whether credit insurance and the investment certificate plan are cloaks for usury are the two main legal points. Colonial Finance Corporation, hereafter called lender, sued B. R. Harrell and wife, Annie G. Harrell, hereafter called borrower, for non-payment of a promissory note in the face amount of $468, with interest after maturity, and for attorney’s fees. The note was partially secured by a chattel mortgage and an investment certificate. After a jury trial, the court gave judgment against Harrell but not his wife, for the unpaid balance on the note, ten…