Snyder v. Woxo, Inc.

Plaintiff sued (1) on the loan agreement of Woxo, Inc., in 1969 to pay principal and interest at 12 percent a year and (2) on the agreement of Margaret Lenhart to guarantee part of Woxo’s obligation. Defendants presented separate defenses of usury on undisputed facts. Judgment went for plaintiff. Both defendants appeal.

Woxo challenged, the constitutionality of section 45- 101, R. S. Supp., 1967 (L. B. 13, Laws 1967, c. 276, § 1, р. 743, concerning prohibition of the usury defense by a corporation. It advanced two contentions: (1) The section continued the uninterrupted operation of section…