Schanz v. Sotscheck

This is an action to foreclose a mortgage on real estate. The answer sets up the defense of usury, with a counterclaim based on the same allegations seeking to have the bond and mortgage declared void. It is substantially undisputed that defendant Carl Sotscheck, the mortgagor, desired to raise sufficient funds to pay off an existing second mortgage of $10,000 on certain real estate by means of a second mortgage on the said property; that one Zittel negotiated with said defendant in regard to the matter and told defendant it would cost the usual ten per cent, discount on the sale of a second…