Texas Supreme Court
Jim Walter Homes, Inc., Petitioners v. Curtis L. Schuenemann, Respondents
March 21, 198427 Tex. Sup. Ct. J. 291
Summary
The Texas Supreme Court held that the acceleration provisions in the installment note and mechanic's lien contract unambiguously call for the collection of unearned time‑price differential, making the contract usurious and subject to the penalties of sections 8.01 and 8.02 of the Texas Consumer Credit Code. The Court affirmed the trial court’s summary‑judgment award of penalties. Justice McGEE dissented, arguing the provisions are susceptible to a non‑usurious construction and that the penalties should be reversed; Justice Robertson filed a brief concurrence agreeing with the majority.