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 |
Becoming Led Zeppelin Hitting Movie Theaters On Valentine's Day
Sammy Hagar Shares Video For Van Halen Classic From The Best Of All Worlds Tour
Jason Bonham Leads The Lineup For Whole Lotta Rock Camp Volume II
REO Speedwagon Play Their Final Show
Axl Rose Helped Billy Joel Close Out His Madison Square Garden Residency (2024 In Review)
Joe Bonamassa Sounded Off On The Rock and Roll Hall Of Fame (2024 In Review)
Slash Shares Heartfelt Tribute To His Late Stepdaughter (2024 In Review)
David Lee Roth's Cover Of 'Baker Street' Got A Video (2024 In Review)