Davis Loan Co. v. Blanchard

This is a suit by a licensed money lender against a borrower on a promissory note in the sum of $20. The defense is that the loan is unenforceable because usurious in that defendant was required to pay a notarial fee of $3.50 for the execution of a chattel mortgage securing the loan and for the further reason that the note provides for attorney’s fees at 20 per cent, with a minimum of $10. There was judgment below in favor of defendant ■ as prayed for and plaintiff has appealed.

The agreed statement of facts is as follows:

“That the Davis Loan Company is a licensee under the Small Loan Law (Act…