Cotton v. Commonwealth Loan Co.

Appellee, a petty loan company, operating under §9777 et seq., Burns Statutes 1926 (Acts 1917, p. 401), brought this action upon a promissory note and to foreclose a chattel mortgage given to secure the same. Appellants demurred for want of facts. The demurrer was overruled, and appellants answered in three paragraphs; the second and third alleging that appellee collected usurious interest, and that there was a failure of consideration by reason of the note having been given in payment of a former note which was usurious. Appellee replied in general denial. There was a trial by the court, and…