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Tuesday, June 20, 2017  
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Hardwick v. Wilcox

Cal.App. 1st Dist. (A147944) 5/22/17

The court upheld a judgment in favor of plaintiff, finding, among other things, that usurious interest payments made over the course of several loans offset the principal debt, and that plaintiff could recover $227,235.83 in interest payments he made during the two years prior to the filing of this lawsuit. Specifically, the court held:

  1. Plaintiff did not waive his usury claim by signing a forbearance agreement because the agreement did not clearly apply to the usury claim and, even if it did, a waiver of usury would violate public policy.
  2.  Even though the two-year statute of limitations (C.C.P. 339) applies to plaintiff's cause of action to recover usurious interest, payments on a usurious note are deemed to apply first to principal, and the statute of limitations does not begin to run until the debtor has paid the entire principal amount of the debt.


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