Preston Farm & Ranch Supply, Inc., Petitioners v. Bio-Zyme Enterprises, Respondents

Summary

The Texas Supreme Court affirmed the Court of Civil Appeals, holding that an implied‑in‑fact contract existed for a 12% annual interest rate, that the rate exceeded the statutory maximum for individuals and thus triggered the double‑interest usury penalty, but did not exceed the corporate limit, so no penalty applied to Preston Farm. The Court also held that Section 2.207 of the Business and Commerce Code does not govern the monthly billing statements.