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In: Business and Management

Submitted By joeesu
Words 775
Pages 4
Swindell v. Federal Nat. Mortgage Ass’N


1. LEGAL ISSUE--What is the Issue, or legal question, which the court is being asked to decide? (2 points)

The Issue is: Is the loan usurious and therefore all interest due under the note to FNMA should be forfeited. Furthermore, under N.C.G.S. § 24-2, the penalty for the defendant should be an award of all interest paid by the plaintiff from March 1985 to the date of court’s order.

The court being asked to decide is the North Carolina Supreme Court.

2. LEGAL RULE--What is “the Law” on this point (the legal principle, derived from statute, treaty, or cases)? (3 points)

Chapter 24 of the North Carolina General Statutes, entitled “interest,” imposes the maximum interest rates chargeable by a lender; otherwise, it will be deemed usurious.

3. KEY FACT--Which of the Facts stated in the case will be most important in deciding it? (2 points)

The lender charged 5% of the amount of the payment past due, which was a clear violation of the usurious statue under N.C.G.S. § 24-10.1.

4. WHO WINS--Which party prevails? (1 point)

Neither did. The defendants forfeited their right to collect late charges on the loan but still had the right to receive principal and interest.

5. WHY SO--Explain briefly why the court decided the way it did. How do the Facts and the Rules combine to produce the result? (3 points)

The court found that there was a clear corrupt intent of the lender to charge higher interest of the late payments that exceeded the legally permissible rate, which was a clear violation of the usury law. However, the penalty that the plaintiff sought was the forfeiture of the entire interest of the principal, which was not the issue on hand because the “interest” in discussion referred to the late payment only and should be compensated as such because the monetary transactions can be…...

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