Legal Question in Consumer Law in Texas
Usuary
Is it a violation of the usuary law to sue someone on a loan note that has already been paid? If there is no principal due (because it was already paid) then the amount they are suing for would be all interest.
Asked on 3/01/06, 3:41 pm
2 Answers from Attorneys
James Grissom
Law Office of James P. Grissom
Re: Usuary
Seeking to enforce a debt that is not owed is usury in addition to violation of Federal and State collection law. If you want my assistance in this matter, contact me by e-mail.
Answered on 3/01/06, 3:46 pm
Peter Bradie
Bradie, Bradie & Bradie
Re: Usuary
If the note accrued interest and all you paid was the principal, usury won't fly. Under general accounting practices, any payment made against an interest-bearing note is first applied to the accrued interest due, and then to the principal.
Answered on 3/01/06, 6:15 pm
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