Baxter v. Stevens

John A. Baxter appeals a decision of the trial court concluding that certain transactions between him and Larry L. Stevens and Lorelei Stevens, d/b/a Wall Street Brokers, Inc., were sales of promissory notes rather than loans, and that he failed to carry his burden of proving usury. The issue is whether the assignment with recourse of a promissory note and security agreement constitutes a loan of money for purposes of RCW 19.52.010(1). We hold that it does and reverse.

The facts found by the trial court are undisputed. In April of 1980, Baxter sold Hanan Marine, a boat brokerage business, to…