Michigan Loan Ass'n v. Cahill

This is an action on a promissory note for $1,850 payable in three and a half years with interest at seven per cent.

The plaintiff is licensed to conduct what is called a small loan business under Act No. 317, Pub. Acts 1921, as amended by Act No. 181, Pub. Acts 1925 (3 Comp. Laws 1929, § 12198 et seq.). The defendant Edward J. Cahill, Jr., was engaged in the automobile business. He was financed by the plaintiff in various transactions, three of which are connected with the note in suit. In the first transaction, the plaintiff loaned him $300 and took Ms note for that amount bearing interest…