Mutual Aid, Loan & Investment Co. v. Logan
Supreme Court of South Carolina
Before Klugi-x, J., Greenville, March, 1899. Foreclosure by The Mutual Aid, Loan and Investment Co. of Atlanta, Ga., against Eliza Logan. The 'Circuit d&cree, omitting the formal parts, is as follows : This action was commenced on the 15th day of June, 1898. The defense interposed is usury.
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Before Klugi-x, J., Greenville, March, 1899. Foreclosure by The Mutual Aid, Loan and Investment Co. of Atlanta, Ga., against Eliza Logan. The 'Circuit d&cree, omitting the formal parts, is as follows : This action was commenced on the 15th day of June, 1898. The defense interposed is usury. The master decided that the contract was governed according to1 the laws of Georgia, and under the cases of Association v. Vance and other subsequent decisions following it, that the defense of usury should not be sustained, tie, 'therefore, recommended a judgment of foreclosure for the entire amount…
1Opinion of the Court
The opinion of the Court was delivered by
Mr. Justice Gary.
The practical question raised by the exceptions is whether the Circuit Judge erred in deciding that the act of 1898, 22 Stat.,747, was applicable to-this case, in which the mortgage was executed before the passage of *302said' act. 'That act is 'entitled: “An act to construe contracts secured by mortgage of real estate situate within this State,” and is as follows: “All contracts secured by mortgage of real estate situate within this State, shall be subject to and construed by the laws o'f this 'State, regulating the rate of interest…
2Cited by7 opinions
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- American National Fire Insurance v. Smith Grading & Paving, Inc.Supreme Court of South Carolina · 1995
- Neel v. ShealySupreme Court of South Carolina · 1973
- Exchange Bank v. McMillanSupreme Court of South Carolina · 1907
- Schumacher v. ChapinSupreme Court of South Carolina · 1955
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