German Savings, Building & Loan Ass'n v. Leavens

Citations

• 89 Wash. 78
• 153 P. 1092
• 1916 Wash. LEXIS 647

Syllabus

<p>Usury — Contracts—Installment Note — Partial Payments — Interest — Computation. The loan of $3,377, upon an installment note for $5,572, to run ten years, and calling for 120 equal monthly payments of $46.43, is not usurious; since, under the rule for applying partial payments first to the interest then due, and the balance in reduction of the principal, the payments called for amount to $465.17 less than the sum loaned, with lawful twelve per cent interest thereon, computed monthly in the manner required.</p> <p>Usury — Contracts—Construction. Upon the question of usury, where a contract is susceptible of two constructions, one lawful and the other unlawful, the former will be adopted.</p>