Palmer v. Call
United States Circuit Court
In Equity. This is a suit to foreclose a mortgage. The only defence usury. The note secured by the mortgage was for the sum of $11,000, executed by the defendant to the complainant at Emmetsburgh, Iowa, on the first day of November, 1875, payable, with interest at 10 per cent, semi-annually, on the eighteenth day of November, 1880, with a stipulation that if default should be made in the payment of interest, the whole should, at the election of the holder, become due, etc.
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In Equity. This is a suit to foreclose a mortgage. The only defence usury. The note secured by the mortgage was for the sum of $11,000, executed by the defendant to the complainant at Emmetsburgh, Iowa, on the first day of November, 1875, payable, with interest at 10 per cent, semi-annually, on the eighteenth day of November, 1880, with a stipulation that if default should be made in the payment of interest, the whole should, at the election of the holder, become due, etc. It appears that Mrs. Maggie P. Davison, of Cook county, Illinois, placed in the hands of one A. C. Burnham, also living…
1Opinion of the Court
Love, D. J.
It is well settled that to make a loan usurious there must be an intent on the part of the lender to take more than the legal rate of interest. Tyler on Usury, 103; Condit v. Baldwin, 21 N. Y. 219; Loyd v. Scott, 4 Pet. 205; U. S. Bank v. Waggener, 9 Pet. 309; Jones v. Berryhill, 25 Iowa, 289.
Doubtless, in general, the intent of an agent acting within the scope of his authority may be imputed to the principal. But it is settled beyond question that if any agent in good faith makes a loan for another, and without the knowledge or authority of his principal, and for the agent’s own…
2Cases cited15 opinions
- Lloyd v. ScottSupreme Court of the United States · 1830
- Condit v. . BaldwinNew York Court of Appeals · 1860
- Rogers v. BuckinghamSupreme Court of Connecticut · 1865
- Powell v. WatersCourt for the Trial of Impeachments and Correction of Errors · 1826
- Bell v. . DayNew York Court of Appeals · 1865
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3Cited by2 opinions
- Whittier v. RileyNebraska Supreme Court · 1920
- Palmer v. CallU.S. Circuit Court for the District of Iowa · 1877