Valley Mortg. Co. v. Patterson

SIMPSON, Judge.

Basis of this suit is a promissory note made by appellee, Patterson, payable to the Tennessee Valley Bank. Appellant became the lawful holder of the note after maturity and brought the present action to recover the sum due thereon.

The defense is usury, the contention being that the principal of the suit note represents, in part, usurious interest previously charged in a transaction whereby appellee, Patterson, obtained a certain sum of money from the Tennessee Valley Bank.

Appellant mortgage company, which is the transferee of the note, acquired it after maturity.

The transaction…