Fay v. Lovejoy
Wisconsin Supreme Court
APPEAL from the Circuit Court for Jefferson County. Foreclosure of a mortgage of real estate executed June 12, 1857, to secure a note of tbe same date for $2200, payable in one year with interest at 12 per cent. The defendants, hy their answer, claimed to offset various sums paid as usurious interest, against the plaintiff’s demand.
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APPEAL from the Circuit Court for Jefferson County. Foreclosure of a mortgage of real estate executed June 12, 1857, to secure a note of tbe same date for $2200, payable in one year with interest at 12 per cent. The defendants, hy their answer, claimed to offset various sums paid as usurious interest, against the plaintiff’s demand. The court found, that on or about the 12th of June, 1857, the defendants Lovejoy and Chambers borrowed of the plaintiff $2,200, for which the said note was given, but the plaintiff reserved out of said loan as usury the sum of $66, paying said defendants only…
1Opinion of the CourtDixon, C. J.
The contract was usurious, and the act in force at the time it was made provides that no interest shall be recovered, but that it shall be valid and effectual to secure the repayment of the principal sum loaned. R. S., ch. 61, sec. 4. This is in legal effect a forfeiture of all interest The defendant has from time to time paid interest as such at the illegal rate of 15 per cent., and it has been indorsed upon the note. It is now insisted not only that the illegal excess of three per cent, above the lawful rate of twelve per cent, shall be reckoned back, and allowed in payment of the principal…
2Cited by9 opinions
- Frederick v. Douglas CountyWisconsin Supreme Court · 1897
- Baum v. ThomsIndiana Supreme Court · 1898
- Schriber v. LeClairWisconsin Supreme Court · 1886
- Lee v. HillmanWashington Supreme Court · 1913
- Glendale Investment Ass'n v. Harvey Land Co.Wisconsin Supreme Court · 1902
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