Chaffe v. Wilson
Mississippi Supreme Court
Appeal from the Chancery Court of Holmes County. Hon. R. W. Williamson, Chancellor. On Jan. 29, 1878, W. F. Stigler borrowed from George Wilson nine hundred dollars at twenty per cent per annum interest, and executed his note,.including one year’s interest, for one thousand and eighty dollars, secured by a deed of trust on land. He paid one year’s interest when due.
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Appeal from the Chancery Court of Holmes County. Hon. R. W. Williamson, Chancellor. On Jan. 29, 1878, W. F. Stigler borrowed from George Wilson nine hundred dollars at twenty per cent per annum interest, and executed his note,.including one year’s interest, for one thousand and eighty dollars, secured by a deed of trust on land. He paid one year’s interest when due. In January, 1879, Thomas W. Smith, agreeing to pay Wilson, took a trust deed on the land, to secure that and another debt which Stigler owed him, but paid nothing except the usurious interest for the second year. Smith assigned…
1Opinion of the CourtCooper, J.
There is no substantial difference between the provisions of the Code of 1871, by which the case before us is to be governed, and those of the Act of June 25, 1822, which has been construed by our courts. Under the Code of 1871, the rate of interest which a creditor might lawfully take was greater, and usury forfeited only the excess overlegal interest, and not the whole interest as under the Laws of 1822. In Bond v. Jones, 8 S. & M. 368, it was held that money paid upon an usurious contract could be recovered back by suit at law, and also in equity where there were circumstances to give the…
2Cases cited2 opinions
- M'Alister v. JermanMississippi Supreme Court · 1856
- Newman v. WilliamsMississippi Supreme Court · 1855
3Cited by7 opinions
- Purvis v. WoodwardMississippi Supreme Court · 1901
- Chandler v. CookeMississippi Supreme Court · 1931
- Shannon v. Georgia State Building & Loan Ass'nMississippi Supreme Court · 1901
- Dickerson v. ThomasMississippi Supreme Court · 1890
- Boyd v. WarmackMississippi Supreme Court · 1885
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