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COLONIAL ACCEP. v. NORTHEASTERN PRINTCRAFTERS

No. 846SC1017.

330 S.E.2d 76 (1985)

COLONIAL ACCEPTANCE CORPORATION v. NORTHEASTERN PRINTCRAFTERS, INC., L.F. Amburn, Jr., Charles O. Tysor and E.N. Manning.

Court of Appeals of North Carolina.

June 4, 1985.

Attorney(s) appearing for the Case

Pritchett, Cooke & Burch by Stephen R. Burch, Windsor, for plaintiff.

W.T. Culpepper, III, Edenton, for defendants.

WELLS, Judge.

The sole question presented by this appeal is whether these individuals may assert the defense of usury, or whether they are precluded therefrom by the provisions of N.C.Gen.Stat. § 24-9 (Cum.Supp.1983).1 This is a question of first impression in this state.

The statute prohibits a corporation, "its successors or anyone else in its behalf" from claiming the defense of usury. We therefore look first to determine...

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