Sinclair v. MacK Trucks, Inc.

RENFRO, Justice.

This is a suit by plaintiff Sinclair to recover for alleged usury interest paid to defendant Mack Trucks, Inc.

On March 26, 1957, plaintiff bought a truck from defendant. Plaintiff paid part cash and executed a note, secured by a chattel mortgage, in the sum of $12,236.76. Included was the amount of $1,436.76 finance charges. The note was payable in 36 monthly installments of $339.91. The interest rate was 8% per annum. During the life of the first note, plaintiff was late in making monthly payments, a total of 1020 days.

On July 1, 1959, at plaintiff’s request, a renewal note…