Leith v. Citizens Commercial & Savings Bank

On April 6, 1925, plaintiffs made a loan of $6,000 from J. E. Burroughs and gave him a note and mortgage payable in five years with interest at the rate of 7 per cent, per annum payable semiannually. On the following day, the mortgage was recorded and $3,500 was advanced on the loan; $1,000 was paid later in the month, and $1,500 the following month. Burroughs added to the last payment the sum of $13.32 in order to pay unearned interest during the period in which the last two payments were withheld. Plaintiff J. N. Leith on the day that the mortgage was given wrote a check for $31 to a…