Agostini v. Colonial Trust Co.

Pearson, Vice-Chancellor:

Complainants were the borrowers and defendant the lender in a loan transaction. Complainants tendered a sum in full payment, which defendant declined. Complainants sued to compel a satisfaction of a loan agreement, bond and mortgage they had given. Upon demurrer to the original bill, this court held that the agreement purported to exact an usurious rate of interest in violation of Rev. Code of Del. 1935, § 3101, and was not authorized by the Small Loan Act, Rev. Code § 4047. Further, that the usurious rate did not have the effect of rendering the agreement wholly…