Franklin National Bank v. Bush Homes, Inc.

Motion for summary judgment in an action (1) on notes for $455,000, and (2) on the guarantee of said-notes.

Thirteen notes executed between November 25, 1960 and March 1,1961 by defendant Bush Homes, Inc. (with guarantees of payment by the remaining defendants) have not been paid. Payment of all was accelerated when payment of three notes was not made on their due dates. Bach note contains a provision for a 20% attorney’s fee.

As in the companion action, decided herewith, the defendants plead usury in the provision for a 20% fee. That defense has not been sustained (General Lbr. Corp. v. Landa,…