Bagri v. Desai

HEDRICK, Chief Judge.

Plaintiff contends that the trial court erred to his prejudice in granting defendant’s motion for summary judgment. Plaintiff argues that the interest charged defendant was not usurious, but legal under G.S. 24-1.1.

To establish that an agreement is usurious, it must be shown that (1) there was a loan, (2) there was an understanding that the money lent would be returned, (3) for the loan a greater rate of interest than allowed by law was charged, and (4) there was corrupt intent to take more than the legal rate for the use of the money. Kessing v. Mortgage Corp., 278 N.C.…