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FIRST STATE BANK OF BEDFORD v. MILLER

No. B-6863.

563 S.W.2d 572 (1978)

FIRST STATE BANK OF BEDFORD, Texas, Petitioner, v. Macile MILLER, Individually and as Executrix, Respondent.

Supreme Court of Texas.

March 1, 1978.

Attorney(s) appearing for the Case

Hooper, Kerry, Chappell & Broiles, R. David Broiles and Charles W. Combs, Fort Worth, for petitioner.

Staples & Foster, Ross T. Foster, Hurst, for respondent.

DANIEL, Justice.

This is a usury case in which a borrower sought statutory penalties and the lender counterclaimed for interest. A note for $70,000 payable in three years, with interest payable annually at ten percent per annum, was alleged to be usurious because the lender advanced only $56,000 on the loan. It held the remaining $14,000 in a non-interest bearing account to satisfy postdated checks for the first two years' interest. After a non-jury trial, judgment...

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