Steves Sash & Door Company, Inc., Petitioner v. the Ceco Corporation, Respondent

Summary

The Texas Supreme Court defined "principal" for the statutory forfeiture penalty under the usury statutes as the amount on which the usurious interest was actually charged, limited the forfeiture to $13,454.70, and held that pre‑judgment interest is not recoverable on usury penalty damages. The Court also affirmed that the plaintiff received fair notice of the usury claim, waived any pleading defect, and ordered the net recovery on the sworn account to be offset by the statutory penalties.