Meers v. Stevens

This case comes before us by appeal from a judgment of the Appellate Court for the Second District. The case was a bill to foreclose a mortgage given to secure the payment of a promissory note for .$3000, to which the defence of usury was set up in an answer. The answer claimed that fourteen per cent was exacted when the loan was effected,—four per cent under the name of commissions, which was, at the time, deducted from the principal, and the remaining ten per cent as current interest, payable at the end of the year, when the principal was due; that when the note was due at the expiration of…