Drake v. Lowry
Supreme Court of Iowa
Appeal from Clinton District Court. ‘ This suit is upon a promissory note given by tbe defendant to Cook and Sargent, and by them indorsed to plaintiff. It appears that tbe defendant kept with said firm a banking account in bis own name, and be agreed to pay on all overdrafts or sums borrowed twenty-four per cent interest.
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Appeal from Clinton District Court. ‘ This suit is upon a promissory note given by tbe defendant to Cook and Sargent, and by them indorsed to plaintiff. It appears that tbe defendant kept with said firm a banking account in bis own name, and be agreed to pay on all overdrafts or sums borrowed twenty-four per cent interest. At a settlement made September 4th, 1858, tbe balance due on tbis account was $1,132.55, of wbicbsum $704.47 was usurious interest, leaving due at that time, exclusive of tbe usurious interest,-tbe sum of $428.08. Tbe defendant was tbe president of tbe Henry County Coal…
1Opinion of the CourtBaldwin, C. J.
It is maintained that the defendant, Lowry, was the individual debtor of Cook and Sargent on the account kept with them in the name of the Henry County Coal Company; that the account was thus kept for his own convenience; and that, as the money was bor*127rowed for him, and as he was the party privy to the contract, he had the right to interpose the plea of usury, that if sustained- the defendant had paid more than was justly due; and that the judgment of the court should be in his favor. Whether the defendant or the coal company was the actual debtor of Cook and Sargent, was purely a question of…
2Cited by5 opinions
- Schoonover v. PetcinaSupreme Court of Iowa · 1904
- Partch v. KrogmanSupreme Court of Iowa · 1926
- Martin v. HarperSupreme Court of Iowa · 1922
- Brown v. Cass County BankSupreme Court of Iowa · 1892
- Capital Loan Co. v. KeelingSupreme Court of Iowa · 1935