Vermont Loan & Trust Co. v. Whithed
North Dakota Supreme Court
PPFAL from district court, Grand Forks county; Hon. Charles F. Templeton, Judge. Action on promissory note for the purpose of testing the constitutionality of chapter 184, Laws of 1890, known as the “usury law.” Judgment for plaintiff, holding the statute void, under the state constitution. Defendant appeals. The contract in this case failed to express the exact amount of money to he received by the borrower.
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PPFAL from district court, Grand Forks county; Hon. Charles F. Templeton, Judge. Action on promissory note for the purpose of testing the constitutionality of chapter 184, Laws of 1890, known as the “usury law.” Judgment for plaintiff, holding the statute void, under the state constitution. Defendant appeals. The contract in this case failed to express the exact amount of money to he received by the borrower. Having failed to do this, the section is indivisable, and it is made by the statute and so declared to be usury, which would make the contract nugatory and void, and respondent would be…
1Opinion of the Court
The opinion of the court was delivered by
Bartholomew, J.
This is an agreed case submitted to the district court of the First district under the provisions of § 5540 of the Compiled Laws. The action is brought to recover judgment on a promissory note, and the statement shows that on Juíy 1, 1890, appellant executed and delivered to respondent his promissory note of $575, due in five years, with interest at the rate of 7 per cent, per annum. The first interest payment became due September 1, 1890, and subsequent interest to be paid semi-annually. At the time of executing the note the appellant…
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