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LaBARR v. TOMBSTONE TERRITORIAL MINT

No. 2 CA-CIV 2544.

119 Ariz. 283 (1978)

580 P.2d 744

Myron C. LaBARR, Appellant, v. TOMBSTONE TERRITORIAL MINT, an Arizona Corporation, Richard F. Hewlett, Mineral Exploration Company Limited, a New Jersey limited partnership, Pan Continental Mining Company, a New Jersey limited partnership, and 1971 Minerals Limited, a New Jersey limited partnership, Appellees.

Court of Appeals of Arizona, Division 2.

Rehearing Denied April 12, 1978.

Review Granted May 23, 1978.

Attorney(s) appearing for the Case

O'Connell, Hecker & Phillips by Lawrence M. Hecker, Jr., Tucson, for appellant.

Rees & Mercaldo, P.C. by Ronald D. Mercaldo, Tucson, for appellees.

OPINION

HOWARD, Judge.

A is in need of money. B is a lender of money. A goes to B with a proposal for borrowing money which is usurious. A knows that it is usurious. B knows that it is usurious. B accepts the proposal and lends the money to A. A doesn't make the payments per their agreement. B sues A for both principal and interest that is due. Is A estopped from asserting he owes no interest because the loan was usurious? That is the issue to be decided here...

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