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Usury Ruling in Herrera v. Petrophil by Nicole Marie Abella Cortes is a document available to read on EtoBox.

What is Usury Ruling in Herrera v. Petrophil about?

The court ruled that no usury existed in the lease agreement between Herrera and Petrophil Corporation. The key facts are that Herrera leased property to Petrophil for 20 years, with Petrophil paying 8 years of rent upfront and deducting a discount for doing so. Herrera sued, claiming the discount was usurious interest. However, the court found the agreement was a lease, not a loan, so there was no loan or forbearance of money, which are required for usury. As the discount was for rent paid in advance under

Author

Nicole Marie Abella Cortes

Language

EN