Standard Savings Ass'n v. Greater New Canaan Missionary Baptist Church, Inc.

OPINION

DRAUGHN, Justice.

Appellee, Greater New Canaan Missionary Baptist Church, Inc., a religious corporation, brought this suit for usury in connection with a promissory note which on its face exceeds the ten percent (10%) annual interest ceiling provided in the Texas Constitution. Appellant, Standard Savings Association, contends the note is not usurious due to a statute, in effect at the time the note was executed, that allows an additional one and one-half percent (1V2%) per month interest for corporations. The trial *775court held the statute does not apply to religious corporations, and we…