|Hip Hop Artist Mack 10 Sued|
|Written by Staff|
|Sunday, 22 January 2012 14:01|
West Coast hip hop rap artist and actor Mack 10, aka Dedrick Rolison, has been ordered to pay a creditor a debt that includes illegal interest. TMZ reports that Mack borrowed $35,000 from Tadayuki Ito on April 24, 2010 and was required to pay 100% interest, or $70,000 total, by August 31st of the same year.
The interest level violates California law against excessive debt on loans. Rap artist Mack 10 borrowed an additional $65,000 from Ito four days later with the same interest agreement, bringing his total debt to $200,000, half of which was interest. Under California law, a creditor who charges interest that violates the usury law ends up getting no interest from the debtor; in this case Mack 10.
But that didn't turn out to be the case, as Ito sued Mack 10, who failed to show up for court. The judge then entered a default judgment of $229,668.86 which includes the debt, interest and legal fees. Now Mack 10 must pay the default judgment.
|Last Updated on Sunday, 22 January 2012 23:59|