Thomas v. Estes

Deen, Presiding Judge.

It seems clear that the original loan of $20,000 from Thomas to Estes was usurious, at least as to the 20 percent interest, and quite probably as to the demand for 30 percent of the stock and $100 per month as director’s fees, if, as it appears, no consideration for either of these transfers was forthcoming except the loan itself. In such event, the original transaction, evidenced by the promissory note, is tainted with usury, and any renewal thereof, although on its face legal, is also tainted with usury, so that proof of that fact would constitute a good defense to an…