Federal Deposit Insurance v. Walcott

*506MEMORANDUM OPINION AND ORDER

There has been presented to the Clerk of the Court for entry of judgment by default, pursuant to Rule 48(a) (1) of the Rules of the Territorial Court of the Virgin Islands, a series of cases, all involving precisely the same form of promissory note, based upon precisely the same type of loan, and raising the very same issue of usury. Because of the importance of the issue raised, this Court has, sua sponte, removed the case sub judice from the able hands of the Clerk of the Court and has undertaken to write this opinion.

Since portions of the Plaintiff’s claim will…