Charmoll Fashions, Inc. v. Otto

Kelly, Justice.

Appellant, Charmoll Fashions, Inc., commenced an action to recover on a promissory note against Lorraine Otto, Delos O. Otto, Edward Knelman, and Varsi-Jac, Inc. The case was tried on stipulated facts and the trial court concluded that the indi vidual defendants were comakers, and not guarantors, of the note. Therefore, because the note called for 10-percent interest, it was held usurious and hence unenforceable as to these defendants. Appellant appeals from the entry of judgment and from denial of its motion for a new trial. We reverse.

Appellant and defendant Lorraine Otto…