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NORTH CENTRAL INVESTMENT CO. v. VANDER VORSTE

No. 10095.

135 N.W.2d 23 (1965)

NORTH CENTRAL INVESTMENT COMPANY, a corporation, and the South Dakota Corporation, a corporation, Plaintiffs and Respondents, v. Richard W. VANDER VORSTE, doing business as Community Electric Company, Defendant and Appellant.

Supreme Court of South Dakota.

May 10, 1965.

Attorney(s) appearing for the Case

Churchill, Sauer & Manolis, George N. Manolis, Huron, Charles Lacey, Robert L. Jones, Sioux Falls, for defendant and appellant.

Danforth, Danforth & Johnson, T. R. Johnson, Sioux Falls, for plaintiffs and respondents.

Stephens, Riter & Mayer, Pierre, Edgar T. Higgins, Richard H. Bate, Morristown, N. J., for amicus curiae.

RENTTO, Judge.

This litigation growing out of the lending of money by plaintiffs to the defendant involves the defense of usury. The first question presented concerns the civil penalty therefor.

The South Dakota Corporation in count 1 alleges that on April 15, 1960 it loaned the defendant $50,000 and took his note in that amount bearing interest at 8% per annum. He paid on it one year's interest amounting to $4,000, but nothing on the principal. The corporation...

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