Cabrera v. Olsen

The present action is brought upon a collateral bond given by the defendants to secure the payment of a corporate indebtedness. The defendant against whom summary judgment is now sought claims that his collateral bond was given to induce the obligee to extend the payment of the corporate indebtedness, and that the obligee exacted a usurious bonus as a condition to granting the extension. The law appears to be well settled in this State that the statutory prohibition* against a plea of usury by a corporation applies with equal force to an individual’s guaranty of a corporate obligation.…