Cox v. Estate of Steve CooperAnnotate this Case
This case concerned the interpretation of Alaska’s usury statute and whether it provided for a maximum interest rate on contract or loan commitments in which the principal amount exceeds $25,000. William Cox argued the statute provided for a maximum interest rate of 10.5% on all loans in which the principal exceeds $25,000. The Estate of Steve Cooper and Dorothy Cooper (collectively “the Coopers”) argued that parties could contract for any interest rate if the principal of the contract or loan commitment exceeded $25,000. The superior court initially agreed with Cox that loans over $25,000 had a maximum legal interest rate of 10.5%, but the Coopers moved for reconsideration and provided the court with statutory history. This statutory history convinced the court that the Coopers were correct and that AS 45.45.010 did not limit the interest rate for contract or loan commitments over $25,000. Cox appealed, challenging the superior court’s decision to consider statutory history when ruling on the Coopers’ motion for reconsideration and the superior court’s decision to grant the Coopers reasonable attorney’s fees under Alaska Civil Rule 82. The Alaska Supreme Court affirmed the superior court's ruling in all respects.