Hockley County Seed & Delinting, Inc. v. Southwestern Investment Co.

ELLIS, Chief Justice.

This is a usury case arising out of a promissory note executed by Hockley County Seed & Delinting, Inc., and certain named persons, individually, appellants herein, to Southwestern Investment Company (S.I.C.), appellee, on November 1, 1965. Appellee instituted suit against appellants for the alleged unpaid principal and interest due on the note. Appellants alleged defensively that the note sued upon was usurious and by counterclaim, sought to recover certain statutory penalties. Thereafter, the parties entered into an agreement which provided that appellants would pay the…