Freed-Goodall Furniture Co. v. Morris Plan Co.

Plaintiff sued defendant for balance due on debt evidenced by promissory note and to foreclose on collateral security.

The point in controversy in the trial court was whether plaintiff had reserved and collected usurious interest for which defendant counterclaimed. Otherwise there was no question as to the amount.-

Essential facts are that plaintiff was engaged in the business of lending money and also of selling interest-bearing certificates of investment in plaintiff’s company to the investing public. When this particular transaction originated defendant gave plaintiff their note for $10,870…