MacKenzie v. Garnett, Stubbs & Co.
Supreme Court of Georgia
Interest and Usury. Contracts. Before Judge Cars-well. Burke Superior Court. May Term, 1886. Garnett, Stubbs & Company brought suit against James H. MacKenzie to recover $462.25, besides interest, on three written contracts, the first of which was as follows: “ In consideration of fourteen hundred and ten dollars and twenty-four cents advanced, or to be advanced this year, to me by Garnett, Stubbs & Company, cotton factors, of Savannah, Georgia, as well as in consideration…
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Interest and Usury. Contracts. Before Judge Cars-well. Burke Superior Court. May Term, 1886. Garnett, Stubbs & Company brought suit against James H. MacKenzie to recover $462.25, besides interest, on three written contracts, the first of which was as follows: “ In consideration of fourteen hundred and ten dollars and twenty-four cents advanced, or to be advanced this year, to me by Garnett, Stubbs & Company, cotton factors, of Savannah, Georgia, as well as in consideration of one dollar to me paid by them this day, I hereby agree to ship to them by or before January 1st, 1885, not less than…
1Opinion of the Court
Jackson, Chief Justice.
Garnett, Stubbs & Co. sued MacKenzie upon three contracts about the delivery of cotton; so many bales of it at so much per bale; money to be paid whether the cotton was delivered or not. MacKenzie pleaded substatially that the contracts were without legal consideration ; being all for the consideration of the loan of money and made cotemporaneous with promissory notes at 8 per cent, given for the loan of the same money, and really a mere device to cover up the usury; that every cent agreed to be paid per bale on the cotton, to be charged whether delivered or not, was…
2Cases cited2 opinions
- Cockle v. FlackSupreme Court of the United States · 1877
- Hollis v. Swift & SonSupreme Court of Georgia · 1885
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- Dwelle & Daniel v. BlackwoodSupreme Court of Georgia · 1899
- Patillo v. Allen-West Commission Co.Court of Appeals for the Eighth Circuit · 1901
- Young v. First National BankCourt of Appeals of Georgia · 1918
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