Ferguson v. Tanner Development Co.

COLEMAN, Chief Justice.

This is a suit seeking to recover the statutory penalties for usury. The plaintiffs allege that a note secured by a vendor’s lien on certain real estate required the payment of interest at a rate in excess of the statutory limit. They sought recovery of a penalty in amount of twice the interest charged and a permanent injunction against the foreclosure of the vendor’s lien. After a trial to the court without a jury a judgment was entered denying the relief sought by plaintiffs and ordering foreclosure by judicial sale. The judgment will be reversed and rendered.

In…