Coulter v. Collins

Appeal from a judgment entered in an action brought to obtain a decree of annulment of a contract made in violation of the usury law, and to recover treble damages.

The act known as the usury law was an initiative measure submitted and approved at the general election of November 5, 1918. (Stats. 1919, p. lxxxiii; Deering’s Gen. Laws, 1923 ed., Act 3757.) This act repealed sections 1917, 1918, 1919, and 1920 of the Civil Code, all relating to interest. The usury law, after prescribing certain limits or rates of interest that can be charged, and particularly limiting contract interest to not…