Ocean Transport v. Greycas

This appeal involves a deficiency suit asserted by Greycas, Inc., against appellants on a $3.1 million promissory note secured by two first preferred ship mortgages on two barges. Appellants filed a counterclaim against appellees for usury and violations of the Texas Deceptive Trade Practices-Consumer Protection Act (the DTPA), and appellees filed counterclaims against appellants for their attorneys fees. The trial was to a jury which found that $250,000 was the unpaid balance due and owing upon the promissory note. It also made an affirmative finding that the interest rate on the note was calculable. It made no awards to appellees on their claims for attorneys fees. The trial court entered a take-nothing judgment against appellants on all of their claims, and it ordered that Greycas recover $250,000 against appellants.