LaMont v. Handy

Defendant appeals from a judgment of foreclosure. The defense is that usury was exacted in a written contract extending the time of payment. The mortgage was executed January 21, 1902, interest at five and one-half per cent with the principal due in ten years. Interest at five and one-half per cent was paid until January 21, 1925. At that time there was $1,352 of principal unpaid. In the previous December the usurious agreement was made by which seven per cent interest was exacted and the due date extended. Thereafter interest was computed and paid at a usurious rate. The trial court decided…