Schneider v. Laner

Defendant-respondent Laner was successful in the court below on his plea of usury interposed in this action to foreclose a mortgage on property known as the Arlington Hotel in Sullivan county. He and another, in October, 1934, purchased the property for $10,000 from the Sullivan County Trust Company, giving a mortgage for the purchase price. Because of his failure to pay the first installment of interest in January, 1935, the trust company in March began an action to foreclose. Negotiations were carried on between himself and the plaintiff, as a result of which the plaintiff conveyed to him…