Chapman's Golf Center v. Chapman

SNELL, Justice.

This appeal by defendants; Edward Cole, Andrea Chapman Day, and Chapman’s Fun World, Inc., raises issues of the applicability of the business exception to our usury laws. Plaintiff, Ailee Chapman, foreclosed her installment contract with defendants and obtained a deficiency judgment that included interest exceeding the numerical rate fixed by statute. Defendants seek a reversal of the decision on the grounds that the transaction was usurious. We affirm.

I. Statement of Facts

In October 1976 Edward Cole and Andrea Day entered into a written contract with Gene Chapman and Ailee…