Alliance Trust Co. v. Jackson
Supreme Court of Oklahoma
Error from District Court, Oklahoma County; Geo. W. Clark, Judge. Action by the Alliance Trust Company against David A. Jackson and others to foreclose a mortgage securing a series of notes hearing 6% per cent, interest to be increased to 12 per cent, on default of pay ment at maturity. Erom a judgment rejecting the increased rate of interest, plaintiff brings error, and certain of the defendants bring cross-error.
1Opinion of the Court
Opinion by
POPE, C.
The real controversy was between the plaintiff and defendants Johnson, who had purchased and who now own the mortgaged property. The dominant issue was whether the notes sued on created a penalty in providing a higher rate of interest on default than they bore on their inception. The trial court appar ently regarded the notes as fixing a penalty, for tile judgment rendered rejects the increased rate' of interest. The main appeal which is prosecuted by the plaintiff raised the question of error in this particular. The preliminary question is raised that the alleged error was…
2Cases cited4 opinions
- National Life Ins. Co. v. HaleSupreme Court of Oklahoma · 1916
- Hallam v. TellerenNebraska Supreme Court · 1898
- Robbins v. MaddySupreme Court of Kansas · 1915
- National Life Ins. Co. v. SilverSupreme Court of Oklahoma · 1916