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GILLIVAN v. AUSTIN

Civ. No. 85/136.

640 F.Supp. 1325 (1986)

Michael and Norma GILLIVAN, Plaintiffs, v. Cuther H. & Hilda J. AUSTIN, Defendants.

District Court, Virgin Islands, D. St. Croix.

August 21, 1986.

Attorney(s) appearing for the Case

John R. Coon, Christiansted, St. Croix, Virgin Islands, for plaintiffs.

Kenneth R. Lindquist, Christiansted, St. Croix, Virgin Islands, for defendants.

MEMORANDUM OPINION AND ORDER

DAVID V. O'BRIEN, District Judge.

This case mandates a most inequitable result: is an individual lender who innocently asks for more interest than the maximum legal rate fully subject to the quasi-criminal penalties for usury? With reluctance, we must answer affirmatively.

I. FACTS

Michael S. Gillivan, ("Gillivan"), is a self-employed builder and repairer of boats and motors, who also makes native crafts for...

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