Crest Investment Trust, Inc. v. Cohen

Cohen 1 needed $10,000 to buy a taxicab and the Public Service Commission permit authorizing its use. Crest 2 loaned him the money. Cohen, nearly three years later, says the loan is usurious. The trial court (Harris, J.) agreed with him. Crest contends Code, Art. 58 A, § 22 empowers it to charge, as it did here, 13.46 percent interest. The factual details are not in dispute.

In November 1962 Cohen had been driving a Yellow taxicab for 28 years. He was, at the time, 57 years old. His schooling ended with the eighth grade. When the permit 3 was offered to him he went to Crest and said he needed…