Pease v. Taylor

OPINION

By the Court,

Mowbray, J. :

Appellant Arthur E. Pease was one of three comakers of a 90-day, $16,500 promissory note dated September 15, 1966. Respondent Wesley S. Taylor was the named beneficiary of the note. The note was not paid. Taylor sued Pease for the $16,500 plus interest and attorney fees. Pease’s only defense was that the transaction was usurious. 1 Pease contends (1) that an amount less than the $16,500 was advance by Taylor and (2) that from that amount Taylor further withheld “brokers’ fees” that constituted prepaid interest in excess of the legal rate. 2 We cannot reach…