Baxter v. Jackson

This is a suit by appellant’s intestate to foreclose a mortgage on real estate, given by appellees on September 24, 1929, to secure a note of the same date for $1,550, due one year after date, with interest at 10 per cent, from date until paid, and payable quarterly. The defense interposed was usury, in that the lender actually advanced on the loan only $1,430, and charged- the difference, $120, for making the loan. The trial court sustained the defense, canceled the note and mortgage, and the case is here on appeal.

At the outset, it may be stated as settled law in this state, that, to…