Bacon v. Iowa Savings & Loan Ass'n
Supreme Court of Iowa
Appeal from Hurriboldt District Court. — Hon. W. B. Quae-ton, Judge. Action for an accounting and for the cancellation of a mortgage. In October, 1892, one McOomb borrowed of the defendant association $2,000, giving his note therefore, and securing it by a mortgage on real estate and by pledg. ing twenty shares of stock in the association. This real estate and stock was afterwards transferred to the plaintiff who assumed the debt.
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Appeal from Hurriboldt District Court. — Hon. W. B. Quae-ton, Judge. Action for an accounting and for the cancellation of a mortgage. In October, 1892, one McOomb borrowed of the defendant association $2,000, giving his note therefore, and securing it by a mortgage on real estate and by pledg. ing twenty shares of stock in the association. This real estate and stock was afterwards transferred to the plaintiff who assumed the debt. By the terms of the contract the borrower agreed to pay $12 per month dues on his stock and all fines, and the further sum of $12 per annum , and $10 interest on…
1Opinion of the CourtSheRWin, J.
i. usury: who may plead. Conceding, for the purposes of this case that the contract between McComb and the defendant association was tainted with usury, the plea cannot be in •
terposed by the plaintiff, for he was neither a party to that contract nor authorized by McOomb to avail himself of such a plea. Hollingsworth v. Swickard, 10 Iowa, 385; Frost v. Shaw, 10 Iowa, 491; Perry v. Kearns, 13 Iowa, 174; The Burlington Mutual Loan Association v. Heider, 55 Iowa, 424; Iowa Savings & Loan Association v. Chase, 73 N. W. Rep. 1100. Moreover, the con. tract in question is directly within the class…
2Cases cited9 opinions
- Iowa Savings & Loan Ass'n v. HeidtSupreme Court of Iowa · 1899
- Edworthy v. Iowa Savings & Loan Ass'nSupreme Court of Iowa · 1901
- Briggs v. Iowa Savings Loan Ass'nSupreme Court of Iowa · 1901
- Burlington Mutual Loan Ass'n v. HeiderSupreme Court of Iowa · 1880
- Iowa Savings & Loan Ass'n v. SelbySupreme Court of Iowa · 1900
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3Cited by3 opinions
- Iowa Business Men's Building & Loan Ass'n v. FitchSupreme Court of Iowa · 1909
- Iowa Deposit & Loan Co. v. MatthewsSupreme Court of Iowa · 1905
- Martin v. HarperSupreme Court of Iowa · 1922