Frost v. Shaw
Supreme Court of Iowa
Appeal from Floyd District Court. The defendants, Ira Shaw and wife, executed .to plaintiff their mortgage upon certain real estate, subsequent to the date of which, they sold the property thus mortgaged to the defendant, Philip Simmons. The plaintiff filed his petition to foreclose the mortgage, in which he makes Simmons a party, for the purpose of foreclosing his equities in the mortgaged premises. Shaw and wife failed to answer.
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Appeal from Floyd District Court. The defendants, Ira Shaw and wife, executed .to plaintiff their mortgage upon certain real estate, subsequent to the date of which, they sold the property thus mortgaged to the defendant, Philip Simmons. The plaintiff filed his petition to foreclose the mortgage, in which he makes Simmons a party, for the purpose of foreclosing his equities in the mortgaged premises. Shaw and wife failed to answer. Simmons filed his answer, in which he alleged that in the note given by Shaw to plaintiff, and for which the mortgage was given as security, there was usury; to…
1Opinion of the CourtBaldwiN, J.
The question presented in this caséis, whether a person not privy to an usurious contract has a right to plead such usury when not authorized to do so by the party agreeing to pay the usurious interest. In this case, Shaw and his wife are willing to stand by their contract, and have no such plea to interpose. They are the only parties upon whom such contract operates unjustly and yet they make no complaint. Simmons purchased the real estate fully advised of the amount of plaintiff’s lien thereon, and being thus advised of such lien, it must be presumed he took the same subject to plaintiff’s…
2Cited by4 opinions
- Carmichael v. BodfishSupreme Court of Iowa · 1871
- Powell v. HuntSupreme Court of Iowa · 1860
- Bacon v. Iowa Savings & Loan Ass'nSupreme Court of Iowa · 1903
- Allison v. KingSupreme Court of Iowa · 1868