Ferdie Sievers, Etc. v. Diversified Mortg.

OPINION

By the Court,

Manoukian, J.:

This is an appeal from the granting of declaratory judgment in favor of respondents. In this action, plaintiff-appellants *813requested the district court to declare that the promissory note entered into between appellants and respondent, Diversified, was usurious and that all interest paid be returned to appellant.1 Appellants also asked for damages for breach of contract.

Two issues are presented for our consideration, namely: (1) Whether the loan transaction was usurious; and (2) Whether respondent breached the contract by failing to comply with release clauses…