Armstrong v. Alliance Trust Co.

SIBLEY, Circuit Judge.

The appellant sued in equity to cancel, as paid, certain deeds of trust made to secure his notes and for a recovery of over-payments. The notes were made in 1919, and the last of them matured in 1930. The theory of the bill is that the transaction of loan was usurious and otherwise violative of law, so that payments already made are to be so dealt with as to justify the relief sought, although the notes according to their terms show a large amount still un paid. He had sought relief by a composition in bankruptcy under Bankruptcy Act, § 74, as added by Act March 3, 1933,…