Morkirk, Inc. v. Walter E. Heller & Co.

MEMORANDUM DECISION

BECK, District Judge.

Morkirk, Inc., a corporation,1 2for its theory under its first cause of action, insists that the transactions identified as Exhibits A, B, C, D, E, F, G, H, I, J, K, L, M, N, and O are South Dakota contracts, here to be performed, that they are loans of money, SDC 38.0101 (1939), with interest rates exceeding the legal in this state, SDC 31.0108 (1939), and usurious, SDC 38.0109 (1939), which gave right to forfeitures, SDC 38.0111 (1939). Total involved is $126,560.70, $99,780.00 is designated as principal, $26,780.00 as total time price payments,…