Fowler v. Equitable Trust Co.
Supreme Court of the United States
APPEAL FROM THE CIRCUIT COURT OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF ILLINOIS. The court stated the case as follows: The Trust Company, upon the written application of Sophie Fowler, a citizen of Illinois, agreed to lend her the sum of $10,000, for five years, at nine per cent per annum.
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APPEAL FROM THE CIRCUIT COURT OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF ILLINOIS. The court stated the case as follows: The Trust Company, upon the written application of Sophie Fowler, a citizen of Illinois, agreed to lend her the sum of $10,000, for five years, at nine per cent per annum. She and her husband executed to the company, for the principal of the loan, ten coupon bonds of one thousand dollars each, dated February 1, 1876, and payable on the 1st day of February, 1881, with interest, semi-annually, at the rate of seven per cent- per annum. They executed at the same time ten…
1Opinion of the Court
Mr. Justice Harlan,
after .stating the case, delivered the opinion of the court.
For the reasons given in the opinion in Nos. 32 and 33, ante, 384, the question of usury raised must be determined by the law of Illinois. But what was there said in reference to usury, commissions paid to the company’s- agent by the borrower and the application to the principal sum of payments made has no application to this case. This was a loan of $10,000 for five years at nine per cent. The borrower received the whole amount agreed to be loaned to her. There •was not even a reservation of interest in advance.…
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