Easley v. Brand
Supreme Court of Iowa
Appeal from Polk District Court. The case discovers tbe following facts: On tbe 2d day of June, 1856, tbe defendant, Brand, borrowed of plaintiff $400, at tbe rate of thirty-six per cent interest per annum; that at different times up to tbe 15th of December, 1858, tbe defendant paid on said loan tbe sum of $17.54, being the principal and nearly twenty per cent of the interest; ■that on the 22d day of August, 1862, the following note was given for tbe balance due on said…
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Appeal from Polk District Court. The case discovers tbe following facts: On tbe 2d day of June, 1856, tbe defendant, Brand, borrowed of plaintiff $400, at tbe rate of thirty-six per cent interest per annum; that at different times up to tbe 15th of December, 1858, tbe defendant paid on said loan tbe sum of $17.54, being the principal and nearly twenty per cent of the interest; ■that on the 22d day of August, 1862, the following note was given for tbe balance due on said contract, calculating interest at thirty-six per cent per annum. “ $2GO. August 22d, 1862. “ January first, after date, I…
1Dissent
Weight, Ch. J.,
dissenting.
For reasons more fully stated in French & Davies v. Rowe & Hyde, 15 Iowa, 563, I feel constrained to dissent from the foregoing opinion. I take the law as it is written. Appellants may seem to suffer unjustly from the law as thus written, but the remedy is not with the courts but the legislature. It certainly does appear, or is “ ascertained ” in this case, that “ a rate of interest has been contracted for, greater than is authorized by the law.” And this is “ ascertained,” “ in a suit brought” on such contract. If so, the law is that this “ shall work a forfeiture…
2Cases cited1 opinion
- French & Davies v. RoweSupreme Court of Iowa · 1864