Chapin v. Billings

On the 1st day of July, 1871, Lyman Chapin procured a loan of $30,000 from Julia H. Billings, E. I. Chaffee, and Hinsdale Smith, executors of J. M. Billings, deceased, and, to secure the same, Chapin gave to the executors a note for the principal sum, due in ten years from that date. He also gave them twenty other notes, for $1500 each, for the interest falling due, semi-annually, on the sum loaned. One of these notes fell due every successive six months from the date of the principal note, the last maturing ten years from that date. The loan, by the terms of the contract, drew ten per cent…