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MORTGAGE ASSOCIATES, INC. v. SIVERHUS

No. 152.

63 Wis.2d 650 (1974)

218 N.W.2d 266

MORTGAGE ASSOCIATES, INC., Respondent, v. SIVERHUS and wife, Appellants: CAPITOL LUMBER & SUPPLY, INC., and others, Third-Party Defendants.

Supreme Court of Wisconsin.

Decided June 4, 1974.

Attorney(s) appearing for the Case

For the appellants there was a brief by Grutzner, Jaeckle & Byron, S. C., attorneys, and Edward E. Grutzner of counsel, all of Beloit, and oral argument by Edward E. Grutzner.

For the respondent there was a brief by Arthur M. Moglowsky and Bass, Goldstein & Moglowsky, S. C., all of Milwaukee, and oral argument by Arthur M. Moglowsky.

BEILFUSS, J.

The two primary issues on appeal are:

(1) Was the promissory note a forbearance calling for usurious interest in violation of the usury statute1 or was it a time-price differential transaction?

(2) Was the assignee of the note a holder in due course?

"Usury" defined in the most simple terms is interest upon a loan or forbearance in excess of that permitted...

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