"The parties to any written contract may agree to and stipulate for any rate of interest not exceeding ten percent per annum on the amount of the contract and all other written contracts whatsoever, except those otherwise authorized by law, which may in any way, directly or indirectly, provide for a greater rate of interest shall be subject to the appropriate penalties prescribed in this Subtitle. "When no specified rate of interest is agreed upon by the parties, interest at the rate of six percent per annum shall be allowed on all written contracts ascertaining the sum payable, from and after the time when the sum is due and payable and on all open accounts, from the first day of January after the same are made. All contracts for usury are contrary to public policy and shall be subject to the appropriate penalties prescribed in Article 1.06 of this Subtitle. A greater rate of interest than ten percent per annum unless *923 otherwise authorized by law shall be deemed usurious. "Except as otherwise fixed by law, the maximum rate of interest shall be ten percent per annum. At all relevant times, these statutes provided in part as follows: "Art. The trial court rendered judgment on the account and denied recovery on the counterclaim. The primary question in the case is whether the interest charged was authorized under the provisions of article 1302-2.09, Vernon's Tex. The suit was defended and a counterclaim was filed on the ground that interest charged monthly on the balance of the account, in part at the rate of 1½% per month, was usurious. This suit originated as an action on an open account. *922 Jonathan Yedor & Greg Grigsby, Johnson & Christopher, San Antonio, for appellant. 6201.Ĭourt of Civil Appeals of Texas, Waco.
SEBERA'S PLUMBING & APPLIANCES, INC., Appellee.
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