Norton v. Hutton

Carley, Judge.

Appellants borrowed $50,000 from appellee. To evidence the indebtedness, appellants prepared and executed a demand note in favor of appellee which provided for interest payable at the rate of “2% over or 17.75%.” Appellants failed to repay the loan on demand, and the instant suit was instituted. Appellants answered and raised several defenses, including that of usury under applicable Florida law. Appellee moved for summary judgment and the trial court ruled in her favor, awarding her $50,000 plus interest at the rate of 17.75%. Appellants appeal on the ground that an issue of…