Christian v. Atlanta Army Depot Federal Credit Union

Marshall, Judge.

The question presented by this appeal is whether or not a federal credit union is subject to state usury laws.

The Atlanta Army Depot Federal Credit Union brought suit against appellants for $2,808.83, the balance due on a note. The note, in the face amount of $3,300, is dated November 12, 1970, and is signed by appellants. The debt was payable in 36 equal monthly installments, with interest at 1% per month on the unpaid balance. The note shows on its face that it is secured in part by a security deed to equity in real estate.

In an affidavit, an officer of the credit union…