Briggs v. Capital Savings & Loan Ass'n

John F. Stroud, Justice.

This is a suit seeking to declare a promissory note usurious and therefore void the note and the mortgage securing it. The note is clearly usurious unless it falls within the exception of Public Law 93-501, commonly called the Brock Bill. The Chancellor found that the loan was a business loan within the language of the Brock Bill and granted judgment on the counterclaim of Capital Savings & Loan (hereinafter Capital) seeking foreclosure. We agree with the trial court and affirm the judgment.

In the fall of 1976, W. M. Briggs (hereinafter appellant) became involved in a…