Lyle v. Southern Federal Savings & Loan Ass'n

Shulman, Presiding Judge.

Plaintiff-appellant brought suit against defendant-appellee savings and loan association, alleging that defendant had violated the state usury laws in charging interest on plaintiffs real estate loan in excess of the 9% allowable when the loan was made in 1975.

The pertinent facts are as follows: On February 28, 1975, plaintiff executed a promissory note to defendant in the amount of $65,000, with interest on the unpaid balance at the rate of 8.75 % per annum. Under the terms of the note, plaintiff was to repay the principal and interest accrued thereon “in consecutive…