Garvin v. Linton
Supreme Court of Arkansas
Appeal from Searcy Circuit Court. Brice B. Hudgins, Judge. 1. Instruction No. 1 is not sustained by any authority, ancient or modern. After usurious securities have been destroyed by mutual consent, a promise by the borrower to repay the principal and legal interest is founded on a sufficient consideration, and is binding. 17 Ark. 138; 3 Am.
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Appeal from Searcy Circuit Court. Brice B. Hudgins, Judge. 1. Instruction No. 1 is not sustained by any authority, ancient or modern. After usurious securities have been destroyed by mutual consent, a promise by the borrower to repay the principal and legal interest is founded on a sufficient consideration, and is binding. 17 Ark. 138; 3 Am. Dec. 273; 10 Wheat. 368; 1 Campbell, 165; 2 Taunt. 184; 19 Johns. 447 ; 4 Denio, 104; 13 Wend. 505; 53 Iowa, 719; Perley, Int. 247. 2. To constitute usury there must be a corrupt intent and the knowingly receiving and demanding a rate in excess of the…
1Opinion of the CourtBattle, J.
F. M. Garvin commenced an action against I. N. Uinton on a note executed to him by the defendant for $240, and ten per cent, per annum interest from date until paid. The note was dated May 2, 1892, and was due two years after date, provided the interest, as evidenced by coupons, was paid annually. In the event the interest was not promptly paid when due, the principal of the note and all interest accrued thereon were then to become payable at the election of the legal holder of the note.
The defendant answered, and denied that the note had ever been delivered to the plaintiff, the payee, and…
2Cases cited12 opinions
- Hammond v. HoppingNew York Supreme Court · 1835
- German Bank v. DeShonSupreme Court of Arkansas · 1883
- Lukens v. HazlettSupreme Court of Minnesota · 1887
- Morton v. . ThurberNew York Court of Appeals · 1881
- Miller v. HullNew York Supreme Court · 1847
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3Cited by39 opinions
- Covington v. FisherSupreme Court of Oklahoma · 1908
- Briggs v. SteeleSupreme Court of Arkansas · 1909
- Davidson v. Commercial Credit Equipment Corp.Supreme Court of Arkansas · 1973
- Automobile Gasoline Co. v. City of St. LouisSupreme Court of Missouri · 1930
- Jones v. PhillippeSupreme Court of Arkansas · 1918
34 more not listed; retrieve them via the Exa API.