Davis v. Graham
Supreme Court of Iowa
Apppeal from Dallas Circuit Court. Wednesday; August 31. Action upon a note for $7,000, of June 15, 1868, on thirty days, made to plaintiff by Graham as principal, and’ his co-defendants as sureties. The contest is with the sureties, who rely upon the plea of usury, and that the plaintiff for a consideration, extended the time of payment to the principal for one year, without their knowledge, etc.
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Apppeal from Dallas Circuit Court. Wednesday; August 31. Action upon a note for $7,000, of June 15, 1868, on thirty days, made to plaintiff by Graham as principal, and’ his co-defendants as sureties. The contest is with the sureties, who rely upon the plea of usury, and that the plaintiff for a consideration, extended the time of payment to the principal for one year, without their knowledge, etc. Trial to the court; judgment in favor of the sureties but against the principal, in the sum $6,106.78, and plaintiff appeals.
1Opinion of the CourtWeight, J.
In December, 1868, Graham, who was a banker, and then believed to be solvent, let plaintiff have certain notes and a judgment, amounting with interest, to something over two thousand dollars, upon responsible parties, and at the same time received from plaintiff some money. As to the true nature of this transaction the parties differ very widely. Plaintiff says he bought the notes and judgment, paying therefor $750 : and that said transaction was in no manner connected with the $7,000 note. Graham¡ however, says, that being in great need of money, he negotiated these securities, receiving so…
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