McClelland v. Sorter
Ohio Supreme Court
Error to the District Court of Lake county. The original action was brought by one Preston A. Metcalf against Zebulon A. Sorter, John McClelland and others to marshal liens, &c., on certain real estate of defendant Sorter.
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Error to the District Court of Lake county. The original action was brought by one Preston A. Metcalf against Zebulon A. Sorter, John McClelland and others to marshal liens, &c., on certain real estate of defendant Sorter. McClelland, by answer and cross-petition, set up a mortgage executed by Sorter to-himself, on the 29th of April, 1872, to secure the payment of the promissory notes of same date, for $1,250 each, payable in one and two years with interest at the rate of eight per cent, payable annually. Sorter alleged usury, which McClelland denied. The court of common pleas found and…
1Opinion of the CourtMcIlvaine, J.
The statute of May 4, 1869 (sections 3179, 3180, 3181 and 3182 of Revised Statutes) provides that the parties to any bond, bill, promissory note or other instrument of writing for the forbearance or payment of money at a future time, may stipulate therein for the payment of interest upon the amount thereof at any rate not exceeding eight per centum per annum payable annually, and that judgments on such bond, bill, promissory note or other instrument of writing should bear the same rate of interest until paid; but, it further provides, that in all other cases where interest is allowed, “ the *16cr…
2Cases cited1 opinion
- Goode v. SuttonOhio Supreme Court · 1876