Rapper Mack 10 Loses After Court No Show
. Mr. Mack borrowed $35,000 from Tadayuki Ito back on April 24, 2010. Under the terms of the deal, Mack was required to pay Ito $70,000 by August 31, 2010 -- in other words, 100% interest for a 3-month loan. That squarely violates California law, which prohibits "usury" -- i.e., excessive interest on loans. On April 28 -- 4 days after getting the first loan -- Mack borrowed $65,000 from Ito, and agreed to pay back $130,000 by September 30, 2010 -- again, squarely violating the usury law. Under California law, a creditor who charges interest that violates the usury law is entitled to NO interest from the debtor. But here's what happened. Ito sued Mack, and Mack did not show up in court. The judge entered a default judgment -- presumably after looking at the 2 contracts -- in the amount of $229,668.86 -- which includes the exorbitant paybacks, as well as additional interest and attorney's fees. It's baffling the judge enforced what is clearly an illegal agreement. more on this story TMZ submitted this story.
...end |
On the Blue: New Horizons Cruise Days 4 & 5: Starship Lands on the Pearl, Alan Parsons Takes It Home
Kandace Springs - Run Your Race
On the Blue: New Horizons Cruise Day 1: Marbin Gets the Fun Started
Hot In The City: Prog Band Tu-Ner Coming to Phoenix
Pink Floyd's David Gilmour Reveals Song From First New Album In Nine Years
AC/DC Launching High Voltage Dive Bar At Stops On Power Up Tour
Vince Neil Says Motley Crue's New Song 'Dogs of War' Old School Meets New School
Watch Twenty One Pilots' New 'Backslide' Video
Billy Idol Goes Behind The Scenes Of Classic Hit 'Eyes Without A Face'
Ringo Starr Reunited with John Lennon's Lost 1965 Help! Guitar Found in an Attic After 50 Years
Hear Say Anything's New Song 'ON CUM'
Metal Supergroup Leviathan Project Deliver 'MCMLXXXII'