Jefferson Standard Life Insurance v. Myers

HUTCHESON, Circuit Judge.

Plaintiff, Appellant, the holder of notes secured by deed of trust brought this suit for a declaratory judgment as to their validity and enforceability, as against the claim of Defendants’ Appellees, that they were usurious and invalid.

Appellees, the maker of the notes answered, asserting their invalidity, and by cross claim sought not only the cancellation of notes and lien, but a judgment against Plaintiff for $3,296.08, usurious interest paid on the notes. Defendants’ claim of usury was that the contract called for interest at the highest legal rate, the interest…