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CHAPMAN'S GOLF CENTER v. CHAPMAN

No. 93-1074.

524 N.W.2d 422 (1994)

CHAPMAN'S GOLF CENTER, Appellant, v. Ailee CHAPMAN, Appellee. Ailee CHAPMAN, Plaintiff-Appellee, v. Edward COLE, Andrea Chapman Day f/k/a Andrea Cole, and Chapman's Fun World, Inc., Defendants-Appellants.

Supreme Court of Iowa.

Rehearing Denied December 20, 1994.

Attorney(s) appearing for the Case

James W. Affeldt of Elderkin & Pirnie, Cedar Rapids, for appellants.

John M. Titler and Elizabeth P. Jacobi of Lynch, Dallas, Smith & Harmon, P.C., Cedar Rapids, for appellee.

Considered by McGIVERIN, C.J., and HARRIS, LARSON, LAVORATO, and SNELL, JJ.

SNELL, Justice.

This appeal by defendants, Edward Cole, Andrea Chapman Day, and Chapman's Fun World, Inc., raises issues of the applicability of the business exception to our usury laws. Plaintiff, Ailee Chapman, foreclosed her installment contract with defendants and obtained a deficiency judgment that included interest exceeding the numerical rate fixed by statute. Defendants seek a reversal of the decision on the grounds that the transaction was usurious. We affirm...

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