Reynolds v. Nichols & Co.
Supreme Court of Iowa
Appeal from Dubuque District Court. Bill in ghancery to sustain the sale of certain real estate under a trust deed. Complainant relies upon these grounds : First, Departure from the terms of the deed in the notice given of the sale ; Second, Usury; and Third Illegality of consideration. Upon the issues joined and the testimony, tlí'é bill was sustained and the injunction made perpetual, from which respondents appeal.
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Appeal from Dubuque District Court. Bill in ghancery to sustain the sale of certain real estate under a trust deed. Complainant relies upon these grounds : First, Departure from the terms of the deed in the notice given of the sale ; Second, Usury; and Third Illegality of consideration. Upon the issues joined and the testimony, tlí'é bill was sustained and the injunction made perpetual, from which respondents appeal. I. The transaction was not tainted with usury. 1. The payment of interest in advance does not involve usury. 2 Pars, on Gont. 409. 2. The fact' that the note was given for the…
1Opinion of the CourtWeight, J.
As the injunction was made perpetual as to the collection of the entire sum secured by the trust deed, it is manifest that the bill was sustained upon the third or last ground, to-wit: the illegality of the consideration.
The deed was made to secure a loan in February, 1858. The consideration was, “Post notes of the Dubuque Harbor Co.;” made in Nov. 1857, issued by a corporation organized under the general incorporation laws of this State, transacting and having its sole place of business within this State; said notes being issued with the purpose and design of having them circulate as money.
Th…
2Cases cited4 opinions
- President of Springfield Bank v. MerrickMassachusetts Supreme Judicial Court · 1817
- Guenther v. DewienSupreme Court of Iowa · 1860
- Walden v. Phœnix InsuranceNew York Supreme Court · 1810
- Cole v. ParkerSupreme Court of Iowa · 1858
3Cited by15 opinions
- Dively v. City of Cedar FallsSupreme Court of Iowa · 1869
- Staff Management and New Hampshire Insurance Company v. Pascuala JimenezSupreme Court of Iowa · 2013
- Sprague v. RooneySupreme Court of Missouri · 1891
- Barngrover v. PettigrewSupreme Court of Iowa · 1905
- Iowa Electric Co. v. Incorporated Town of WinthropSupreme Court of Iowa · 1924
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