Letiziano v. Lytal

LETTS, Chief Judge.

This is an appeal from a final summary judgment construing provisions in a written contract. We reverse.

In order to secure a two hundred and seventy-five thousand dollar letter of credit, a written contract was prepared by the appellees’ attorney which provided that the appellants would in effect underwrite that amount in return for an “additional sum of eighty thousand dollars.” The appellants, who were perfectly willing to pay the eighty thousand dollars no matter what its label, ultimately and predictably refused to pay it contending that it constituted a usurious loan.…