Orr v. International Bank of Commerce

OPINION

ESQUIVEL, Justice.

This is an appeal from a take-nothing judgment in a usury case.

On November 12, 1973, Gerald D. Butler executed a promissory note to appellee International Bank of Laredo, Texas (Bank), in the principal sum of $130,000.00, bearing interest at the rate of 10% per annum and payable on or before November 12, 1975. On the day of the loan, Bank withheld $26,000.00 from the $130,000.00 in accord with an agreement between the parties which required the deposit of such sum, totaling two years interest, prior to the funding of the loan. On November 17,1977 Bank filed suit…