Close v. Riddle
Oregon Supreme Court
From Douglas: James W. Hamilton, Judge. This is a suit by Chas. W. Close to foreclose a mortgage. The complaint, so far as material to the questions'involved, alleges, in substance, that on May 1,1888, the defendants George W. Riddle and Helen, his wife, executed a bond to the Lombard Investment Company, a corporation, for the sum of $11,000, due in five years, with interest at the rate of six per cent, per annum, payable semiannually, evidenced by ten coupons of $330 each,…
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From Douglas: James W. Hamilton, Judge. This is a suit by Chas. W. Close to foreclose a mortgage. The complaint, so far as material to the questions'involved, alleges, in substance, that on May 1,1888, the defendants George W. Riddle and Helen, his wife, executed a bond to the Lombard Investment Company, a corporation, for the sum of $11,000, due in five years, with interest at the rate of six per cent, per annum, payable semiannually, evidenced by ten coupons of $330 each, and stipulating that the debt should bear interest after maturity at the rate of eight per cent, per annum; that at the…
1Opinion of the CourtJustice Moore
1. It is contended by appellant’s counsel that the stipulation in the bond and mortgage for the payment of eight per cent, interest after the maturity of the debt is a penalty designed to secure the payment of a lesser rate of interest, and, this being so, it should not be enforced in equity, and that the court erred in decreeing the recovery of more than six per cent,., and cites in support of the principle insisted upon the case of Mason v. Callender, 2 Minn. 350 (72 Am. Dec. 102), in *596which it was held by the Supreme Court of Minnesota that an agreement to pay a greater sum on default in…
2Cases cited4 opinions
- Seton v. HoytOregon Supreme Court · 1899
- Brainard v. . JonesNew York Court of Appeals · 1858
- Mason v. Callender, Flint, & Co.Supreme Court of Minnesota · 1858
- Jourolmon v. EwingCourt of Appeals for the Sixth Circuit · 1897
3Cited by11 opinions
- In Re Tastyeast, Inc.Court of Appeals for the Third Circuit · 1942
- Graham v. MerchantOregon Supreme Court · 1903
- Travelers Insurance Company v. LawrenceCourt of Appeals for the Ninth Circuit · 1974
- National Life Ins. Co. v. HaleSupreme Court of Oklahoma · 1916
- Ferguson v. ReigerOregon Supreme Court · 1903
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