Tanner Development Company, Petitioners v. Robert B. Ferguson, Respondents

Summary

The Texas Supreme Court held that the vendor's lien note between Tanner Development Company and Ferguson was not usurious because the face amount of the note is the true principal and the interest must be spread over the entire term of the contract under the Nevels doctrine. The Court overruled the Ramp doctrine and affirmed the trial court's judgment, reversing the Court of Civil Appeals.