Ryder Truck Rental, Inc. v. Kramer

George Howard, Jr., Justice.

We are to determine whether the trial court’s holding was proper which granted a summary judgment resulting in the cancellation of an installment note on the grounds that the note was usurious.

THE FACTS

On April 13, 1973, appellee, J. B. Kramer, signed an installment note, as president of J. B. Kramer Grocery Company, Inc., and in his individual capacity as guarantor, promising to pay to the order of appellant, Ryder Truck Rental, Inc., the sum of One Hundred Seventy-one Thousand and no/100 Dollars ($171,000.00). The note provided that interest would be computed in…