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COUNTRY MOTORS v. FRIENDLY FINANCE CORP.

13 Wis.2d 475 (1961)

COUNTRY MOTORS, INC., Respondent, v. FRIENDLY FINANCE CORPORATION, Appellant.

Supreme Court of Wisconsin.

May 2, 1961.

Attorney(s) appearing for the Case

For the appellant there was a brief by Cavanagh, Mittelstaed, Sheldon, Heide & Hartley of Kenosha, and oral argument by William A. Sheldon.

For the respondent there was a brief by Dougherty, Campbell, Brennan & Steil of Janesville, and oral argument by Glen R. Campbell and William H. Dougherty.

FAIRCHILD, J.

Sec. 115.05, Stats., forbids the receipt by anyone of more than 10 per cent per year for a loan of money. Sec. 115.06 provides that contracts reserving a greater rate shall be valid to secure the repayment of the principal sum loaned but no interest shall be recovered (except upon bottomry and respondentia bonds and contracts), "and no corporation shall interpose the defense of usury." Sec. 115.07 (1) authorizes one who has paid excessive

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