Jackson v. American Mortgage Co. of Scotland, Ltd.
Supreme Court of Georgia
Interest and usury. Evidence. Situs of contract. Security deed. Before Judge Boynton. Pike superior court. October term, 1890. Tlie defendant in error brought assumpsit against Jackson on a promissory note for $625, besides interest at eight per cent., and attorney’s fees, payable to Sherwood or order, at the office of the Ooi’bin Banking Co., New York, and indorsed by Sherwood to the plaintiff.
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Interest and usury. Evidence. Situs of contract. Security deed. Before Judge Boynton. Pike superior court. October term, 1890. Tlie defendant in error brought assumpsit against Jackson on a promissory note for $625, besides interest at eight per cent., and attorney’s fees, payable to Sherwood or order, at the office of the Ooi’bin Banking Co., New York, and indorsed by Sherwood to the plaintiff. In addition to the general issue, the defendant pleaded that the note was tainted with usury, and that Sherwood was plaintiff’s agent and was acting for' its benefit, and had no interest in the…
1Opinion of the Court
Bleckley, Chief Justice.
1. In New York the legal rate of interest is six per cent.; in Georgia it is seven per cent., and may, by written contract, be as high as eight per cent. In New York the taint of usury renders the contract void; in Georgia it leaves the contract valid except as to the amount of the usury. In both States titles to property executed as security for the payment of an infected debt are void. If the note sued on in this case is governed as to the rate of interest by the law of New York, it is void; if governed by the law óf Georgia, it is valid, and the plaintiff' was…
2Cases cited1 opinion
- Dugan v. LewisTexas Supreme Court · 1891
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- Byrd v. Equitable Life Assurance SocietySupreme Court of Georgia · 1938
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