National American Life Insurance Company v. Bayou Country Club, Inc.

NELSON, District Judge:

This is an action commenced by the plaintiff to collect a promissory note and to fore close a mortgage on a country club. The defendant Bayou Country Club counterclaimed asserting the loan was usurious and claiming forfeiture of unpaid interest, treble the amount of an alleged discount, treble the amount of sums paid allocable to interest, and an attorney’s fee.

The record discloses the Bayou Country Club was a newly incorporated corporation organized for profit. It was set up for the purpose of constructing club facilities and selling memberships to buyers who would…