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STANDARD SAV. ASS'N v. GREATER NEW CANAAN MISSIONARY BAPTIST CHURCH, INC.

No. A14-88-1013-CV.

786 S.W.2d 774 (1990)

STANDARD SAVINGS ASSOCIATION, Appellant, v. GREATER NEW CANAAN MISSIONARY BAPTIST CHURCH, INC., Appellee.

Court of Appeals of Texas, Houston (14th Dist.).

February 1, 1990.

Attorney(s) appearing for the Case

Madison R. Jones, Edward W. Engel, Houston, for appellant.

Jerome K. Wade, Houston, for appellee.

Before ROBERTSON, SEARS and DRAUGHN, JJ.

OPINION

DRAUGHN, Justice.

Appellee, Greater New Canaan Missionary Baptist Church, Inc., a religious corporation, brought this suit for usury in connection with a promissory note which on its face exceeds the ten percent (10%) annual interest ceiling provided in the Texas Constitution. Appellant, Standard Savings Association, contends the note is not usurious due to a statute, in effect at the time the note was executed, that allows an additional one and...

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