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LAKE HIWASSEE DEV. CO., INC. v. PIONEER BANK

535 S.W.2d 323 (1976)

LAKE HIWASSEE DEVELOPMENT COMPANY, INC., Petitioner, v. PIONEER BANK, Respondent.

Supreme Court of Tennessee.

March 8, 1976.

Attorney(s) appearing for the Case

Harry Weill, Weill, Ellis, Weems & Copeland, Chattanooga, for petitioner.

Eugene N. Collins, Chattanooga, for respondent.

OPINION

FONES, Chief Justice.

The single issue presented in this case is whether the purchase of notes at a discount beyond the legal rate of interest, and guaranteed at face value by the indorser, constitutes a "loan" rather than a "sale" so as to bring the transaction within the operation of our usury statutes.

Petitioner, Lake Hiwassee Development Company, Inc. a Tennessee Corporation, was engaged in the sale of lots in a development adjacent...

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