Carley v. Morgan

This is an appeal from a decree of foreclosure of a real estate mortgage. wherein the district court for Dawes county determined adversely a defense of usury sought to be interposed by appellants.

The material facts are not in dispute. On December 31, 1929, John H. Morgan and wife made and delivered their negotiable promissory note for the sum of $5,000, payable “with interest from this date until paid, at the rate of eight per cent, per annum, payable semiannually, as per coupons hereto attached.” This note also contained the further provision that, “should any of said interest not be paid…