Morse v. Wellcome
Supreme Court of Minnesota
Appeal by plaintiffs from an order of the district court for Blue Earth county, Severance, J., sustaining a demurrer to their complaint. The complaint alleged that plaintiffs executed to defendant a promissory note for $529, dated May 11,1891, and due September 11, 1891, with interest at the rate of seven per cent, per annum,, secured by-mortgage upon certain real estate.
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Appeal by plaintiffs from an order of the district court for Blue Earth county, Severance, J., sustaining a demurrer to their complaint. The complaint alleged that plaintiffs executed to defendant a promissory note for $529, dated May 11,1891, and due September 11, 1891, with interest at the rate of seven per cent, per annum,, secured by-mortgage upon certain real estate. That at the maturity of the note plaintiffs entered into a written agreement with defendant by which the mortgage was extended one year upon payment by plaintiffs of interest on said note to October 11, 1891, “also three per…
1Opinion of the Court
COLLINS, J.2
It was not alleged in the complaint herein that the original note or mortgage were in any degree tainted with usury; and, if not usurious, the original transaction could not be made so by the subsequent agreement to extend the time of payment, although such agreement was in consideration of a payment of, or a promise to pay, usurious interest. Avery v. Creigh, 35 Minn. 456, 29 N. W. 154. In so far as the agreement for an extension was a contract to pay a compensation for the past use of money, it was not a contract to pay interest in any legal or proper sense, or within the…
2Cases cited2 opinions
- Avery v. CreighSupreme Court of Minnesota · 1886
- Daniels v. WilsonSupreme Court of Minnesota · 1875
3Cited by5 opinions
- Strickland v. First State Bank of BalatonSupreme Court of Minnesota · 1925
- Linne v. RonkainenSupreme Court of Minnesota · 1949
- I. J. Bartlett Co. v. NessSupreme Court of Minnesota · 1923
- Clausen v. SalhusSupreme Court of Minnesota · 1932
- Messersmith v. ReillyNorth Dakota Supreme Court · 1941