Hotchkiss v. Norwood Park Building, Loan & Homestead Ass'n
Illinois Supreme Court
Appear from the Appellate Court for the First District;— heard in that court on appeal from the Circuit Court of Cook county; the Hon. J. W. Mack, Judge, presiding. Appellee filed its bill in the circuit court of Cook county to foreclose two mortgages.
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Appear from the Appellate Court for the First District;— heard in that court on appeal from the Circuit Court of Cook county; the Hon. J. W. Mack, Judge, presiding. Appellee filed its bill in the circuit court of Cook county to foreclose two mortgages. The bill alleged that Freeland E. Hotchkiss, at the date of the execution of the first mortgage, was a member of the appellee and the owner of fifty shares of stock in appellee association; that said Hotchkiss borrowed $5000 from appellee and executed to it a bond in the sum of $10,000, conditioned that he, his heirs, executors, administrators…
1Opinion of the CourtJustice Farmer
It is contended that the provision of the bond for the payment of the $1000 in monthly installments of $5 each, and the payment of seven per cent interest on the principal sum of $1000 in monthly installments of $5.84 each, made the transaction usurious, for the reason that every monthly payment of $5 dues on stock should be credited upon the principal of the loan, thereby reducing it to that extent every month, and the continuation of the interest payments at the rate of $5.84 per month was in excess of the rate allowed by law. It is contended, even if a loan made in accordance with the…
2Cases cited6 opinions
- Mosier v. NortonIllinois Supreme Court · 1876
- Templeton v. HorneIllinois Supreme Court · 1876
- Holmes v. SmytheIllinois Supreme Court · 1881
- Lurton v. Jacksonville Loan & Building Ass'nIllinois Supreme Court · 1900
- Home Building & Loan Ass'n v. McKayIllinois Supreme Court · 1905
1 more not listed; retrieve them via the Exa API.
3Cited by3 opinions
- State v. HerbertOhio Court of Appeals · 1936
- Wright v. CurtinAppellate Court of Illinois · 1907
- Eldorado Building & Loan Ass'n v. StricklinIllinois Supreme Court · 1936