Ware v. Traveler's Indemnity Co.

MURRAY, Justice.

The appellants instituted this action alleging that the appellee charged them interest on a note at a usurious rate, and that they were therefore entitled to penalties in accordance with Article 5069-1.06(1), Texas Revised Civil Statutes Annotated.

In January of 1976 the appellants executed a long-term real estate lien note in the amount of $72,000 payable to the appel-lee. The note provided that interest at the rate of ten per cent (10%) per annum was to be paid on the first day of January and the first day of July of each year during the term of the note. The note further…