Wallis v. Lehman, Abraham & Co.
Supreme Court of Arkansas
APPEAL from Jefferson Circuit Court. Hon. X. J. Pindall, Circuit Judge. reporter’s statement. The appellees sued the appellants at the spring term, 1877, of the circuit court of Jefferson county, on two promissory notes executed by them at Pine Bluff on the first, day of September, 1876, each for the sum of $316, payable respectively,-the first day of January and February, 1877, and bearing interest, at-eight per cent, per annum from date.
Read the full summary
APPEAL from Jefferson Circuit Court. Hon. X. J. Pindall, Circuit Judge. reporter’s statement. The appellees sued the appellants at the spring term, 1877, of the circuit court of Jefferson county, on two promissory notes executed by them at Pine Bluff on the first, day of September, 1876, each for the sum of $316, payable respectively,-the first day of January and February, 1877, and bearing interest, at-eight per cent, per annum from date. The defendants (appellants), in their -answer, admit the execution of the notes, but say “ that they were executed in settlement of an account' then…
1Opinion of the CourtHarrison, J.
If the plaintiffs had sued on the account,, the notes were given in settlement of, they could have recovered only the rate of interest allowed by the laws of Louisiana where it was made, which the proof shows, is, when there is no stipulation for a higher rate, five per cent, per annum; but as it is in this state in which the notes were made and payable, it is competent to contract for as much as ten per cent, if the agreement be in writing; they were not usurious though including interest at more than five if not exceeding ten per cent.
They were new contracts governed' by the laws of…
2Cases cited4 opinions
- Mowry v. BishopNew York Court of Chancery · 1835
- Kellogg v. HickokNew York Supreme Court · 1828
- Mills v. JohnstonTexas Supreme Court · 1859
- Townsend v. CorningNew York Supreme Court · 1847
3Cited by2 opinions
- First National Bank v. WaddellSupreme Court of Arkansas · 1905
- Johnson v. HullSupreme Court of Arkansas · 1893