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JONES v. NELSON

No. C7-88-1065.

432 N.W.2d 792 (1988)

Marshall JONES, et al., Appellants, v. Clifton E. NELSON, et al., Respondents.

Court of Appeals of Minnesota.

December 13, 1988.

Attorney(s) appearing for the Case

John P. Weber, Weber & Henrichsen, Grand Rapids, for appellants.

T.J. Salmen, Salmen, Brinkman & Martinson, P.A., St. Paul, for respondents.

Considered and decided by PARKER, P.J., and RANDALL, and BOWEN, JJ. without oral argument.

OPINION

ROBERT E. BOWEN, Acting Judge.

Marshall and Stella Jones appeal from an order denying their motion for a new trial in this mortgage foreclosure action. The trial court ruled that a mortgage securing payment of a promissory note to the Joneses was void because the underlying loan transaction was usurious. Although the named principal obligor was a corporation, the trial court ruled the corporate loan exception to the usury law was inapplicable because...

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