Northwestern State Bank of Luverne v. Gangestad

YETKA, Justice.

The plaintiff bank brought this action to enforce a number of promissory notes and installment contracts against the defendant, a farmer. The defendant raised the affirmative defenses of usury and hindrance of performance by the plaintiff and counterclaimed for fraud. Following a jury trial, the Rock County District Court granted the plaintiff’s motion for a directed verdict and dismissed the counterclaim. The court subsequently held that two of the notes were usurious when made, but were enforceable because not presently usurious. The defendant appealed the judgment for the…