Cox v. Estate of Steve Cooper

STOWERS, Chief Justice.

I. INTRODUCTION

This case concerns the interpretation of Alaska's usury statute, AS 45.45.010. The question on appeal is whether the statute provides for a maximum interest rate on contract or loan commitments in which the principal amount exceeds $25,000. William C. Cox argues that the statute provides for a maximum interest rate of 10.5% on all loans in which the principal exceeds $25,000. The Estate of Steve Cooper and Dorothy Cooper (collectively "the Coopers") 1 argue that parties may contract for any interest rate if the principal of the contract or loan commitment…