Boyd v. Layher

Defendant appeals from a decision rendered by the circuit court after a bench trial on October 16, 1986. The trial court found that the parties’ transaction was a loan, rather than a sale of interest in a land contract, which was the primary issue at trial, and that defendant had received usurious loan interest from plaintiff contrary to MCL 438.31; MSA 19.15(1). On March 30, 1987, the lower court issued a judgment ordering defendant first to repay plaintiff any amount that she had collected in excess of the principal plus five percent per annum interest, second, to reassign her interest in…