Seaboard Finance Co. v. Wahlen

CROCKETT, Justice.

At pre-trial the lower court rendered summary judgment of dismissal against the plaintiff on the ground that the loan upon which this action was brought was usurious. Plaintiff appeals.

The facts shown were: Plaintiff, a foreign corporation, duly qualified to make loans under our Industrial Loan Act,1 on July 2, 1951 received an application from defendants for a loan “in an amount sufficient so they would get $1,000.00 in cash.” They were given the $1,000. To this sum the plaintiff added $20 for insurance, $27.57 for an investigation fee, plus $330.81 for interest, making a…