Overton Const. Co. v. First State Bank

Jack Holt, Jr., Chief Justice.

This is the second appeal of a case involving a default judgment on a promissory note. Our jurisdiction is pursuant to Sup. Ct. R. 29(l)(j).

The appellants executed a promissory note to the appellee which was secured by a mortgage on real property. When the appellants defaulted, the appellee filed a complaint to foreclose on the property. The appellants asserted usury as a defense in their answer to the complaint.

The trial court found the note was not usurious under the governing federal law. That ruling was appealed to this court and we affirmed in part, reversed…