Snodgrass v. Sisson's Mobile Home Sales, Inc.

Miller, Justice:

This case arises out of a civil action to collect the penalty provided in our usury statute and gives rise to two questions.1 First, what is the appropriate statute of *589limitations for a suit to collect a penalty for usurious interest? Second, when does the statute of limitations begin to run?

Appellants, Marshall and Janie Snodgrass, purchased a mobile home on an installment payment contract dated September 15, 1972. The contract provided for 96 monthly payments commencing October 30, 1972. On May 3, 1974, appellants instituted a suit against the seller of the mobile home, its…