Ostiguy v. A. F. Franke Construction, Inc.

Appellant brought this action to foreclose a real-property mortgage and a chattel mortgage held by him to secure the payment of a promissory note executed by respondents and delivered to appellant as security for a loan of $10,000, payable in monthly installments.

Respondents, by answer, admitted the transaction and alleged as an affirmative defense that said loan was usurious and thus subject to the applicable statutory set-offs.

The action, being equitable, was tried to the court sit-' ting without a jury. At the conclusion of the trial, the court rendered a memorandum opinion, made findings…