Wendlebone v. Parks
Supreme Court of Iowa
Appeal from, Scott District Court. A proceeding in equity, to have delivered up and canceled two notes and a deed of trust, given to Parks for the loan of money — one for $211.88, at one year, the other for $1,271.31, at two years. The debt originally was but for $800, borrowed money, drawing twenty-three per cent interest. The deed of trust given to secure this money was made to Newcomb, the agent of Parks.
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Appeal from, Scott District Court. A proceeding in equity, to have delivered up and canceled two notes and a deed of trust, given to Parks for the loan of money — one for $211.88, at one year, the other for $1,271.31, at two years. The debt originally was but for $800, borrowed money, drawing twenty-three per cent interest. The deed of trust given to secure this money was made to Newcomb, the agent of Parks. The plaintiff alleges that a number of payments were made thereon, from November 6, 1859, to February 6, 1803, leaving due on the amount loaned,.with six per cent interest, $250, which…
1Opinion of the CourtLowe, J.
The points made by the demurrer demanding notice are, that the transaction between the parties was in effect a purchase and sale of the note from Parks to Yeile, that the latter knew it was usurious, and that the facts as pleaded show an attempt to evade the usury law.
The facts as stated will not allow this construction. If they were merely colorable to cover a usurious transaction, that may be shown. But we must accept them as pleaded. The averment is, that there was no negotiation whatever *548with Parks for the sale and transfer of the note to Yeile; the contract was made with Wendlebone…
2Cases cited2 opinions
- Kemp's Ex'x. v. M'PhersonCourt of Appeals of Maryland · 1826
- French & Davies v. RoweSupreme Court of Iowa · 1864
3Cited by2 opinions
- Call v. PalmerSupreme Court of the United States · 1885
- Blakeley v. AdamsCourt of Appeals of Kentucky · 1902