Ware v. Heath

McDONALD, Chief Justice.

On April 13, 1948, appellees borrowed from appellant the sum of $200, and executed a note payable to appellant in the principal sum of $260, bearing interest after maturity. Contemporaneously therewith, the parties signed what was styled “Application and Contract for Loan of $260.00.” In substance the borrower agreed that $60 of the amount of the note was to cover actual and necessary expenses incurred by the lender in connection with the making of the loan, and interest at ten per cent, and the lender agreed that in event of borrower’s death the note should be…