On October 7, 1964, Henry Backstrom executed a promissory note with the National Bank of Commerce as payee. The note in the sum of $25,788.73 provided for interest at 12 per cent per annum from March 13, 1963.
The bank sued on the note and the defense of usury was raised. The trial court found that the note was usurious on its face but upon examining the entire transaction concluded that the essential...
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