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WILLIAMS v. SECURITY SAVINGS & LOAN ASS'N

No. 83-2180.

120 Wis.2d 480 (1984)

355 N.W.2d 370

Jack R. WILLIAMS and Home Owners Services, Inc., n/k/a Insurance Protection Center, Inc., a Wisconsin corporation, Plaintiffs-Appellants, v. SECURITY SAVINGS & LOAN ASSOCIATION, a Wisconsin chartered savings and loan association, Defendant-Respondent.

Court of Appeals of Wisconsin.

Decided August 22, 1984.

Attorney(s) appearing for the Case

For the plaintiffs-appellants the cause was submitted on the briefs of Frisch, Dudek & Slattery, Ltd., with Edward A. Dudek, Michael J. Lund, and Andrew J. Guzikowski of counsel, of Milwaukee.

For the defendant-respondent the cause was submitted on the briefs of Schoendorf & Sorgi, with Michael L. Sorgi and Dan L. Sanford of counsel, of Milwaukee.

Before Wedemeyer, P.J., Moser, J., and Michael T. Sullivan, Reserve Judge.

MOSER, J.

The question on this appeal is whether a loan to a corporation and an individual as coborrowers is subject to the usury law or is exempt from usury under sec. 138.05(5), Stats. Jack R. Williams (Williams) and Home Owners Services, Inc. (Home Owners), obtained a $75,625 loan in 1975 to purchase real estate for office facilities from North Central Savings and Loan Association (North Central). North Central later was merged into Security Savings and Loan Association...

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