Heald v. Friis-Hansen

Plaintiffs obtained judgment in an action to recover interest and penalties on allegedly usurious transactions, and defendants have appealed.

On March 10, 1952, defendants loaned plaintiffs $15,000 for one year, and plaintiffs executed a note for that amount which provided that, until payment of the principal, interest was to be paid annually at the rate of 12 per cent per annum and that, if the interest was not so paid, it was to become part of the principal and thereafter bear like interest. After the note was signed, the figure “0” was superimposed in pencil upon the figure “2” of the…