CBS REAL ESTATE OF CEDAR RAPIDS, INC. v. HARPER

No. 66191.

316 N.W.2d 170 (1982)

CBS REAL ESTATE OF CEDAR RAPIDS, INC., Appellant, v. Joann E. HARPER, Appellee.

Supreme Court of Iowa.

February 17, 1982.


Attorney(s) appearing for the Case

John M. Titler of Terpstra, Wilkinson & Van Horne, Cedar Rapids, for appellant.

R. M. Fassler, Cedar Rapids, for appellee.

Considered by UHLENHOPP, P. J., and McCORMICK, ALLBEE, LARSON, and SCHULTZ, JJ.


UHLENHOPP, Justice.

This appeal involves usury and foreclosure problems in a suit on a note and mortgage.

On two occasions defendant Joann E. Harper borrowed money on her notes, each bearing 15% interest, from her employer, plaintiff CBS Real Estate of Cedar Rapids, Inc. Each time CBS itself borrowed the money from its bank at 15% interest. Harper was buying a home on contract, and she subsequently gave CBS a second mortgage on her equity in the home to secure...

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