Stevenson v. Unkefer
Illinois Supreme Court
The decree herein was rendered by O. C. Skinner, Judge, at July term, 1852, of the Adams Circuit Court. On the 1st day of January, 1840, the defendant, in the State of Blinois, in consideration of $800, borrowed by him of his brother, Samuel Stevenson, executed the following note, to wit: “ $800. — Three years after date, I promise to pay to Samuel Stevenson or order, eight hundred dollars in Baltimore bank notes, with twelve and a half per cent, interest, the interest to be…
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The decree herein was rendered by O. C. Skinner, Judge, at July term, 1852, of the Adams Circuit Court. On the 1st day of January, 1840, the defendant, in the State of Blinois, in consideration of $800, borrowed by him of his brother, Samuel Stevenson, executed the following note, to wit: “ $800. — Three years after date, I promise to pay to Samuel Stevenson or order, eight hundred dollars in Baltimore bank notes, with twelve and a half per cent, interest, the interest to be paid annually, for value received of him, this first day of January, eighteen hundred and forty. The above note is…
1Opinion of the CourtCaton, J.
This note was for f800, payable “ in Baltimore bank notes,” with twelve and a half per cent, interest; and the question is, Was this usurious ? The rule of law is well settled, that when the payee takes a risk by which he runs the hazard of losing the principal sum, or of receiving less than the sum originally due, with lawful interest, it is not usurious for him to stipulate for, or receive more interest than is prescribed by the statute. Thus, in the case of Cummings v. Williams, 4 Wendell, 679, where the ■ defendant had received of the plaintiff a heifer, and agreed in four years to pay…
2Cases cited4 opinions
- Cram v. HendricksCourt for the Trial of Impeachments and Correction of Errors · 1831
- Colton v. Dunham & WadsworthNew York Court of Chancery · 1830
- Cummings v. WilliamsNew York Supreme Court · 1830
- Hall v. HaggartNew York Supreme Court · 1837
3Cited by8 opinions
- Walton Guano Co. v. CopelanSupreme Court of Georgia · 1900
- Griffin v. Marine Co.Illinois Supreme Court · 1869
- Securities & Exchange Commission v. First Securities Co.Court of Appeals for the Seventh Circuit · 1974
- Aldrich v. AldrichAppellate Court of Illinois · 1931
- Securities and Exchange Commission v. First Securities Company of ChicagoCourt of Appeals for the First Circuit · 1974
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