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Southwest Livestock & Trucking Company, Inc v. Ramón
United States Court of Appeals for the Fifth Circuit
169 F.3d 317 (1999)
Southwest Livestock & Trucking Company, Inc. (Southwest) (plaintiff), a Texas corporation, entered a loan agreement with Reginaldo Ramón (defendant), a Mexican citizen. Ramón loaned $400,000 to Southwest, for which Southwest executed a Mexican promissory note in Ramón’s favor, promising to pay the principal plus accrued interest in 30 days. Every month for four years, Southwest executed a new promissory note to cover the outstanding principal plus accrued interest. Southwest paid down the original principal amount and borrowed new amounts. The promissory notes contained no stated interest rate, but Ramón effectively charged an interest rate of at least 48 percent. After Southwest defaulted on the last note, Ramón filed a collection lawsuit in Mexico. Concurrently, Southwest brought an action in Texas district court, alleging that the loan arrangement violated Texas usury laws. The Mexican court entered a money judgment in Ramón’s favor, which was affirmed by a Mexican appeals court. The Texas district court refused to recognize the Mexican judgment. Ramón appealed.
Rule of Law
Holding and Reasoning (Garza, J.)
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