Montana National Bank of Bozeman v. Kolokotrones

This is an appeal from a partial summary judgment entered in the district court, Gallatin County, against plaintiff Montana National Bank of Bozeman and in favor of defendants William and Clare Kolokotrones, awarding the amount of $12,870 in damages, that being double the value of the add-on interest on the promissory note in dispute. Plaintiff Bank appeals from the judgment and contends that as a matter of law there was no usury.

The facts are not in dispute. In early 1970, the Kolokotrones went to the Bank for a loan to buy a self-propelled auger and truck. They signed an interim installment…