Metro Hauling, Inc. v. Daffern

Russell Daffern appeals from the triad court's denial of his counterclaim for relief under the usury statute in an action against him on a promissory note. We reverse.

On May 1, 1980, Daffern purchased a truck and trailer from Metro Hauling, Inc. Daffern executed as maker a promissory note for $27,000 at 12 percent interest, to be paid in monthly installments of $711.02. Metro retained title to the vehicles as security.

Daffern was chronically behind in payments, and Metro notified him that, as of February 15, 1981, it would begin charging additional interest as a late charge on his delinquent…