Heney v. Davidson

The appeal presents the controlling question of whether or not the transaction involved was usurious.

On August 1, 1910, appellee, A. J. Davidson, sold to Ben Heney, appellant, ten real estate mortgage bonds each having a par value of $1,000, and bearing 8 per cent, interest. Heney purchased the bonds on credit, giving his promissory note therefor in favor of appellee, in the principal sum of $15,000, with 6 per cent, interest. He also executed his deed of trust upon certain real properties in Aransas county to secure the payment of the note. The parties also at the same time entered into some…