Sunbelt Service Corp. v. Vandenburg

OPINION

WOODARD, Justice.

This is an appeal from a summary judgment granted in favor of the Appellees on their counterclaim for usuary. We reverse.

In 1983, Mr. Vandenburg was involved in the acquisition of apartment complexes in El Paso. He owned one hundred percent of the stock in Wayne A. Vandenburg Enterprises, Inc. This corporation and Mr. Vandenburg, as the two general partners, formed a limited partnership under the name of Excelsior II. Excelsior II purchased the Alto Mesa Apartments, executing a promissory note in the amount of $2,400,000.00, and which was payable to Sunbelt Service…