Summary
In Cooper v. Tappan, 9 Wis. 333 (*361), 340 (*368) (1859), we noted that the second element of usury, an understanding that the principal must be repayable absolutely, cannot be avoided by the interposition of an illusory contingency.
Summary of this case from Val Zimmermann Corp. v. LeffingwellOpinion
No. 51780.
March 19, 1980. Rehearing Denied May 14, 1980.
Appeal from Chancery Court, Pearl River County; Michael Sullivan, Chancellor.
Michael D. Haas, Bay St. Louis, for appellant.
Smith, Smith, Tate Stuart, M.D. Tate, II, Williams, Smith McDonald, Claiborne McDonald, IV, Picayune, for appellee.
Before ROBERTSON, P.J., and WALKER and LEE, JJ.
AFFIRMED ON DIRECT AND CROSS-APPEAL.