Reynolds v. Lee
Supreme Court of Alabama
Appeal from Barbour Chancery Court. Heard, before Hon. L. D. Gardner. Bill by A. T. Lee and another against R. D. Reynolds, to restrain foreclosure proceedings and to decree cancellation of the mortgage upon payment of the sum found to be due. From a decree granting the relief respondent appeals.
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Appeal from Barbour Chancery Court. Heard, before Hon. L. D. Gardner. Bill by A. T. Lee and another against R. D. Reynolds, to restrain foreclosure proceedings and to decree cancellation of the mortgage upon payment of the sum found to be due. From a decree granting the relief respondent appeals. The Act 1901, page 164, now appearing as section 4623, Code 1907, was passed some years after the contract was entered into and to-construe it as applicable to this contract so as to avoid all payment of interest because of the usury in the mortgage would be to impair the obligation of the contract…
1Opinion of the CourtSomerville, J.
The only question presented by this appeal is whether section 4623 of the Code of 1907, embodying the act of March 4,1901 (Acts 1901, p. 164), as it amended section 2630 of the Code of 1896, is, as. to such amendatory portion, operative in favor of debtors whose usurious obligations were contracted prior to March 4, 1901. The effect of this amendment to the former statute was to finally abrogate the doctrine of courts of equity that a debtor, who as actor sought equitable relief against a usurious contract, must do equity by the payment of legal interest, as a condition to obtaining such…
2Cases cited10 opinions
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