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AMERICAN SAV. LIFE INS. CO. v. FIN. AFF. MAN. CO.

No. 1 CA-CIV. 1785.

20 Ariz. App. 479 (1973)

513 P.2d 1362

AMERICAN SAVINGS LIFE INSURANCE COMPANY, an Arizona corporation, Appellant, v. FINANCIAL AFFAIRS MANAGEMENT CO., INC., an Arizona corporation; George E. Gaylord and Jane Doe Gaylord, husband and wife; Harold G. Brown and Jane Doe Brown, husband and wife; William J. Lowes and Cecile C. Lowes, husband and wife; Kenneth Biaett, Trustee; Thayer C. Lindauer, Trustee; Carl K. Schmidt, Jr. and Elizabeth R. Schmidt, husband and wife; Thayer C. Lindauer; Thayer Crane Lindauer; George A. Engelthaler; James A. Loar and Phyllis J. Loar, husband and wife; Carl K. Schmidt III; Carolyn Val Schmidt; Cleo Lorraine Lindauer; Victoria Elizabeth Schmidt; Frederick Hall Schmidt, Appellees.

Court of Appeals of Arizona, Division 1, Department B.

Rehearing Denied October 22, 1973.

Review Denied November 13, 1973.

Attorney(s) appearing for the Case

Snell & Wilmer, by Mark Wilmer, Phoenix, and Standage & Allen, by Gove L. Allen, Mesa, for appellant.

Biaett & Bahde, by Kenneth Biaett, and Lindauer & Goldberg, P.A., by Thayer C. Lindauer, Phoenix, for appellees.

OPINION

HAIRE, Judge.

On this appeal the appellant lender (American Savings Life Insurance Company) raises several issues as possible grounds for reversal of the trial court's judgment finding the subject loan transaction usurious. A primary issue is whether a loan agreement, usurious when made, can be enforced according to its original terms when a subsequent statutory amendment authorizes the originally contracted...

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