Aldrich v. McClay
Supreme Court of Arkansas
STATEMENT BY THE COURT. This is a suit in chancery brought by appellee to foreclose a mortgage on certain real estate situated in the city of Hot Springs, and appellants pleaded usury. Appellant A. C. Aldrich applied to appellee for a loan of $850, to be, in part, used in payment of certain debts owing by him represented by his note to one Burrough for $200, and notes to Mrs. Starbuck stated at the time to be for $475, including interest.
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STATEMENT BY THE COURT. This is a suit in chancery brought by appellee to foreclose a mortgage on certain real estate situated in the city of Hot Springs, and appellants pleaded usury. Appellant A. C. Aldrich applied to appellee for a loan of $850, to be, in part, used in payment of certain debts owing by him represented by his note to one Burrough for $200, and notes to Mrs. Starbuck stated at the time to be for $475, including interest. Appellee, before making the loan, bought the Burrough note at a discount of $5, and also paid Mrs. Starbuck $465, and the notes were assigned to him by…
1Opinion of the Court
McCurroct-i, J.,
(after stating the facts.) Upon no theory deducible from the facts of this case can a plea of usury be sustained. Computing interest, according to stipulation, upon those of the Starbuck notes containing the stipulation for compounding interest at maturity, it makes the amount of that debt $476. If that method of computation be discarded, and the total'be thereby reduced to $464, as claimed by appellants, the preponderance of the testimony establishes a mistake on the part of appellee. He was told by Aldrich that the amount of the debt and interest aggregated $475, and he…
2Cases cited3 opinions
- Garvin v. LintonSupreme Court of Arkansas · 1896
- Jarvis v. Southern Grocery Co.Supreme Court of Arkansas · 1896
- Johnson v. ShattuckSupreme Court of Arkansas · 1899
3Cited by4 opinions
- Thompson v. Murdock Acceptance Corp.Supreme Court of Arkansas · 1954
- Thompson v. Murdock Acceptance Corp.Supreme Court of Arkansas · 1954
- Winkle v. Grand National BankSupreme Court of Arkansas · 1980
- Winkle v. Grand National BankSupreme Court of Arkansas · 1980