Jim Walter Homes, Inc. v. Smith

DIES, Chief Justice.

Richard P. Smith and Rebecca E. Smith, as plaintiffs below, sued Jim Walter Homes, Inc., defendant below, for usury, condemned by Tex.Rev.Civ.Stat.Ann. art. *6715069 — 1.02 (Vernon 1971) and for various violations of the Texas Consumer Credit Code — Articles 5069-6.02(2); 5069-6.06 (Vernon 1971) (taking a first lien on the property and misnaming the agreement). The parties entered into a “Building Contract,” July 17, 1973, whereby defendant would build a house for plaintiffs, partly payable on time, monthly. Defendant took a first lien on the property to secure the debt.

Tri…