Gist v. Smith
Court of Appeals of Kentucky
Case 73 — EQUITY appeal from -henry circuit court. 1. The statute clearly provides that if more than ten per centum per annum be charged, the entire interest agreed to be paid shall be forfeited. 2. There is no question that Gist agreed to pay, and appellee agreed to receive, a higher rate of interest. (Sess. Acts 1871, vol. 1, 62.) 1. To constitute usury there must be. a corrupt agreement to pay and receive an illegal rate of interest for the loan or forbearance of money.
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Case 73 — EQUITY appeal from -henry circuit court. 1. The statute clearly provides that if more than ten per centum per annum be charged, the entire interest agreed to be paid shall be forfeited. 2. There is no question that Gist agreed to pay, and appellee agreed to receive, a higher rate of interest. (Sess. Acts 1871, vol. 1, 62.) 1. To constitute usury there must be. a corrupt agreement to pay and receive an illegal rate of interest for the loan or forbearance of money. The proof, in this case does not show any such agreement. (Beadle V. Manson, 30 Conn., 175; 3 .N. Y., 1; 9 lb., 52; 23…
1Opinion of the Court
JUDGE COEER
delivered the opinion of ti-ie court.
There is some controversy in this case as to the facts, but for the purposes of this opinion we shall assume the facts to be as claimed by the appellants.
In November, 1872, W. L. Gist borrowed of Jacob S. Smith the sum of $3,748.70, and executed his note for-$3,835, bearing ten per cent, interest from date, and payable in one year.
Gist paid on the note, March 1, 1874, $692.50; March 1, 1875» $540, and in January, 1876, $3,755.20.
The note embraced $86.30 in excess of the sum loaned, and interest was paid on the amount of the note at ten per cent,…
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- City of Maysville v. MeltonCourt of Appeals of Kentucky · 1897
- Bunger v. HartCourt of Appeals of Kentucky · 1882
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