Pioneer Building & Loan Ass'n v. Johnston

ALEXANDER, Justice.

This suit was brought by A. C. Johnston and wife against Pioneer Building & Loan Association to cancel the notes and deeds of trust evidencing two separate loans and to restrain a sale of the mortgaged property under the powers given in the deeds of trust. Johnston contended that the loan contracts were void because of fraud in the procurement thereof, in that the loan company had misrepresented the rate of interest that the contracts would bear. He also contended that the contracts were usurious and that payments made as interest were sufficient to discharge and overpay…