Pacific Eastern Corporation v. Golf Life

This appeal involves a 1971 lending transaction relating to the development of a Nashville hotel. The borrower filed suit in 1993 in the Chancery Court for Davidson County against nine defendants, including the original lender and its assignees, seeking to invalidate the transaction on the grounds of usury. The trial court dismissed the complaint against seven of the defendants on the ground that the statute of limitations for usury had expired. It also found that the complaint failed to state a claim against two of the seven defendants because the borrowers payments to these defendants were not interest. The borrower has appealed. We have determined that the proponents of the summary judgment have not demonstrated that they are entitled to a judgment as a matter of law, and therefore, we vacate the summary judgment.