Reams v. Community Finance & Thrift Corp.

CULVER, Justice.

The question in this case is whether or not the terms of the loan made by appellee to appellants were violative of the Constitutional provision inhibiting a rate of interest in excess of ten per cent per annum. Const, art. 16, sec. 11, Vernon’s Ann.St. The facts are without dispute. In February, 1950, appellee corporation made a loan of $300 to appellants upon the execution of a note for the sum of $330, without interest, payable in twelve months. To secure this loan appellants were required to purchase a savings certificate issued by appellee corporation for the face amount…