Jorgensen v. Kingsley
Nebraska Supreme Court
Error to the district court for Kearney county. Tried below before Beall, J. An agreement to pay an illegal rate of interest for past forbearance is without consideration, and can not be enforced. No contract, no matter how binding its terms may be, will bind the promisor to pay usury.
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Error to the district court for Kearney county. Tried below before Beall, J. An agreement to pay an illegal rate of interest for past forbearance is without consideration, and can not be enforced. No contract, no matter how binding its terms may be, will bind the promisor to pay usury. Richards v. Konnlze, 4 Nebr., 200. To constitute a plea of usury, there must be a statement of the contract claimed to be usurious, with whom it was made, its terms and character, and the amount of interest agreed upon to be reserved, taken or received. Bell v. Stowe, 44 Nebr., 210. To illustrate the absurdity…
1Opinion of the CourtSullivan, J.
This action was brought by Kingsley Brothers, a banking firm doing business at Minden, to recover of Jeppe Jorgensen, one of their customers, a balance claimed to be due them upon an account stated. The answer alleged that the defendant had been for several years a borrower of money at the plaintiff's’ bank under an arrangement whereby he was to pay interest at the rate of 16 per cent per annum on all overdrafts, and that such interest should be charged monthly to his account. It was further alleged that the account stated covered the transactions of the parties from February 2, 1890, to…
2Cited by11 opinions
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- Loy v. Storz Electric Refrigeration Co.Nebraska Supreme Court · 1932
- Chapin Mining Co. v. UddenbergMichigan Supreme Court · 1901
- Luikart v. Continental National BankNebraska Supreme Court · 1934
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