Merchants' & Planters' Bank v. Caston
Mississippi Supreme Court
Erom the chancery court of Covington county. Hon. Thaddeus A. Wood, Chancellor. The bank, appellant, was complainant in the court below. Oaston, appellee, was defendant there. The suit whs to foreclose a mortgage securing the note mentioned in the opinion of the court. Erom a decree in complainant’s favor, but denying it a recovery of interest on the idea that the note was usurious, the complainant appealed, to the supreme court.
Read the full summary
Erom the chancery court of Covington county. Hon. Thaddeus A. Wood, Chancellor. The bank, appellant, was complainant in the court below. Oaston, appellee, was defendant there. The suit whs to foreclose a mortgage securing the note mentioned in the opinion of the court. Erom a decree in complainant’s favor, but denying it a recovery of interest on the idea that the note was usurious, the complainant appealed, to the supreme court. The facts touching the note are stated in the opinion of the court. The note in question was one for $1,050 dated January 22, 1907, and due and payable on July 22d…
1Opinion of the Court
Andüjírs'on, J.,
delivered the opinion of the court.
The only question in this case is whether this contract is usurious: Note for $1,000 loan, dated January 22, 1907, due July 22, 1907 (six months after date), with interest added in the face of the note at 10 per cent, per annum from date until due, making the note for $1,050, and providing for interest on ' this amount at 10 per cent, per annum from maturity until paid. Under the authority of Palm v. Fancher, 93 Miss. 785, 48 South. 818, we hold that it is not. Carter v. Holloway, 28 South. 941, was necessarily overruled by Palm v. Fancher,…
2Cases cited1 opinion
- Palm v. FancherMississippi Supreme Court · 1908
3Cited by3 opinions
- Jefferson Standard Life Ins. v. DavisMississippi Supreme Court · 1935
- Jefferson Standard Life Ins. v. DattelCourt of Appeals for the Fifth Circuit · 1936
- Rogers v. RiversMississippi Supreme Court · 1924