First USA Management, Inc. v. Esmond

The principal question in this case is whether an employer contracts for, charges, or receives usurious interest on a loan to an employee by obtaining and exercising the right to terminate the employee’s employment contract and to discontinue contractual salary payments when the employee defaults on the loan. The district court answered yes, granting the employee’s motion for summary judgment and denying the employer’s motion for summary judgment. The court of appeals reversed and remanded, holding that subsisting fact issues precluded summary judgment for either party. 911 S.W.2d 100. We…