WE Grace Manufacturing Company v. Levin

WALKER, Justice.

This is a usury case. The suit was brought by the creditor, W. E. Grace Manufacturing Company, our petitioner, against the debtor, Texas Tool Traders, and its president, William B. Mims, Jr., to recover the balance alleged to be owing on certain indebtedness plus actual and exemplary damages for fraud. Texas Tool and Mims filed a counterclaim for statutory penalties claimed to be due because of usurious interest contracted for, charged and received by petitioner. Texas Tool was adjudicated a bankrupt while the suit was pending. Sol Levin, its trustee in bankruptcy and…