Smith v. Eason

This appeal is from a decree of September 23, 1953, granting appellees’ prayer to cancel a note, and chattel mortgage of even date (on certain cattle) securing same, on the ground of usury. The note was for the principal sum of $1,500.00, carrying the maximum interest rate of 10%, and provided: “For value received, we or either of us promise to pay to the order of Yirgil Gr. Smith the sum of Fifteen Hundred Dollars ($1,500.00) at the rate of $62.50 per month in twenty-four (24) monthly payments to be made beginning November 15, 1952, and the fifteenth of each month thereafter.

‘ ‘ Interest…