Legal Question in Credit and Debt Law in Texas

Promissory Note

Have an unpaid promissory not and looking at going to small claims court in Texas. We have cancelled check for $3000. Borrower completed promissory note and agreed to repay $4200 in 10 days. Question is does this fall into usury, should we just try to collect the $3000 + interest on the promissory note of 10%.


Asked on 3/12/08, 9:49 pm

1 Answer from Attorneys
Donald McLeaish McLeaish&Associates;, P.C.

Re: Promissory Note

It is usury..and since no Note..check for max interest but I believe it is what law presently allows..yoou will be lucky to collect the $3000..ask for legal interest when you file..

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Answered on 3/13/08, 7:15 am


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