National Life Ins. Co. v. Schroeder

ALEXANDER, Justice.

This action involves a complaint of usury. ■ On March 2, 1923, Schroeder and his wife borrowed $15,000, and in consideration therefor executed and delivered to Deming Investment Company one principal note of that date for the sum of $15,000 due February 1, 1933, and ten interest coupon notes representing 5½ per cent, interest on the principal loan, one of which was for the sum of $756.25 due February 1, .1924, and the other nine for $825 each, due one each year from 1925 to 1933, which notes were secured by a first deed of trust on certain land owned by Schroeder. In…