Woolfolk v. Bird
Supreme Court of Minnesota
Action to foreclose a mortgage. . In his answer the defendant alleged, as a counter-claim, the payment by him to plaintiff of interest in excess of twelve per cent, upon a loan other than that secured by the mortgage sought to be foreclosed, and ashed that the amount of such excess be set off against the mortgage debt. A demurrer to this counterclaim was sustained by. the district court for Blue Earth •county, Dickinson, J., presiding, and defendant appealed.
1Opinion of the CourtGifillan, C. J.
The only question in this case is, can cue who has voluntarily paid a rate of interest greater than that which the statute enables parties to stipulate for, recover bach the excess ?
The statute (Gen. St. ch. 10, § 1,) provides that “no •contract for a greater rate of interest than twelve dollars upon one hundred dollars for a year shall be valid for the -excess of interest over twelve per cent.,” but it lays no penalty for mahing such a contract. Its intention is effected by preventing a recovery of the excess. There is no obli*342gat ion upon the debtor to pay such excess; but if he voluntarily…
2Cited by6 opinions
- Blain v. WillsonNebraska Supreme Court · 1891
- Carson v. CochranSupreme Court of Minnesota · 1892
- Gross v. CoffeySupreme Court of Alabama · 1895
- Cornell v. SmithSupreme Court of Minnesota · 1880
- Brundage v. BurkeWashington Supreme Court · 1895
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