Read v. Flaketown Graphite Co.
Supreme Court of Alabama
Appeal from Circuit Court, Montgomery County; Walter B. Jones, Judge. Action by W. Nash Read against the Elaketown Graphite Gompany on a promissory note. From a judgment overruling demurrers to the plea, plaintiff takes a non-suit and appeals.
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Appeal from Circuit Court, Montgomery County; Walter B. Jones, Judge. Action by W. Nash Read against the Elaketown Graphite Gompany on a promissory note. From a judgment overruling demurrers to the plea, plaintiff takes a non-suit and appeals. The following is the plea referred to: “Gomes the defendant in the above-entitled cause, and for answer to the complaint filed therein says that the said balance of said note was extended from time to time by plaintiff to the 1st day of January, 1915, at 8 per cent, interest, which was paid by defendant to plaintiff; and defendant further avers that…
1Opinion of the CourtSayre, J.
Appellant brought this action to recover the balance due on a promissory note. Appellee pleaded the facts shown by the plea' on file. Demurrer to this plea being overruled, appellant took a norisuit, reserving the question raised by the court’s ruling for decision in this court.
The ruling under review means that all payments of interest in excess of the statutory rate, whether made in pursuance of the original contract or by subsequent agreement, must be deducted from the principal— this because the statute (section 4623 of the Code) holds the following language:
“Nor shall the borrower of…
2Cases cited6 opinions
- Woodall v. Kelly & Co.Supreme Court of Alabama · 1888
- Van Beil v. FordneySupreme Court of Alabama · 1885
- Compton v. CollinsSupreme Court of Alabama · 1914
- Bernheimer v. GraySupreme Court of Alabama · 1917
- Allen & Trammell v. TurnhamSupreme Court of Alabama · 1887
1 more not listed; retrieve them via the Exa API.
3Cited by7 opinions
- Goodgame v. DawsonSupreme Court of Alabama · 1942
- Holman v. HollisSupreme Court of Florida · 1927
- Raleigh Realty Co. v. LagomarsinoSupreme Court of Alabama · 1939
- Valley Mortg. Co. v. PattersonAlabama Court of Appeals · 1942
- Stinson v. BisbeeIdaho Supreme Court · 1934
2 more not listed; retrieve them via the Exa API.