T. O. Bradbury and N. B. Burt v. Frank Dennis, Frank Dennis, Cross v. T. O. Bradbury and N. B. Burt, Cross

HICKEY, Circuit Judge.

The action as originally filed sought statutory relief for alleged usury growing out of a real estate development agreement. The appellee was the purchaser of real estate and the appellants advanced money to develop the property as a residential housing area. Their contract provided for the payment of 6% interest on the fluctuating balance and, as each completed lot was sold, a bonus of $500.00 per lot to be paid to the appellants by the appellee through an escrow arrangement with a third party.

When the development was completed, after a considerable amount of…