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CHARMOLL FASHIONS, INC. v. OTTO

No. 45876.

248 N.W.2d 717 (1976)

CHARMOLL FASHIONS, INC., Appellant, v. Lorraine OTTO, et al., Respondents, Edward Knelman, Respondent, Varsi-Jac, Inc., Defendant.

Supreme Court of Minnesota.

December 3, 1976.

Attorney(s) appearing for the Case

Altman, Geraghty, Mulally & Weiss and Robert M. Mahoney, St. Paul, for appellant.

Rietz, Rietz & Rietz, and Larry J. Rietz, Owatonna, for Otto, and others.

Perry Scheftel, Minneapolis, for Knelman.

Heard before PETERSON, MacLAUGHLIN, and SCOTT, JJ., and considered and decided by the court en banc.

KELLY, Justice.

Appellant, Charmoll Fashions, Inc., commenced an action to recover on a promissory note against Lorraine Otto, Delos O. Otto, Edward Knelman, and Varsi-Jac, Inc. The case was tried on stipulated facts and the trial court concluded that the individual defendants were comakers, and not guarantors, of the note. Therefore, because the note called for 10-percent interest, it was held usurious and hence unenforceable...

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