Twin City Co-Op Credit Union v. Bartlett

Murphy, Justice.

The sole question presented by this appeal involves the liability of the defendant who, along with others, signed notes given to the plaintiff credit union. The defendant contends that the defense of usury is available to him because he is a nonmember of the credit union payee, and that the rate of interest specified in the agree- menis is usurious except as to loans made to members. The plaintiff credit union contends that the defendant is liable as a guarantor.

In its complaint the credit union alleged nine causes of action, each based upon a note in which the defendant James…