Mitchell v. Bailey
Supreme Court of South Carolina
Before Townsend, J., Greenville, April, 1899. Action by Wm. Mitchell against David T. Bailey. The master reported as follows : “On the 13th January, 1891, the defendant borrowed from the plaintiff $400, and then gave his note for the same, payable one day after date, with interest from date at ten per cent, per annum. A short time after the execution of the above described note, the plaintiff discovered that the rate of interest therein mentioned was unlawful.
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Before Townsend, J., Greenville, April, 1899. Action by Wm. Mitchell against David T. Bailey. The master reported as follows : “On the 13th January, 1891, the defendant borrowed from the plaintiff $400, and then gave his note for the same, payable one day after date, with interest from date at ten per cent, per annum. A short time after the execution of the above described note, the plaintiff discovered that the rate of interest therein mentioned was unlawful. After this discovery, the defendant, David T. Bailey, procured J. A. Mooney, Esq., to prepare the note and mortgage of January 26th,…
1Opinion of the Court
The opinion of the Court was delivered by
Mr. Chiee Justice McIver.
This was an action to foreclose a mortgage of real estate given to secure the payment of a note under seal, bearing date the 26th day of January, 1891, whereby the defendant promised to pay to the plaintiff the sum of $408, with interest from date, at the rate of eight per cent, per annum, on or before the 26th day of January, 1892. The defense set up in the answer was usury. It was referred to the master to hear and determine all the issues of law and fact, whose report is set out in the “Case,” and should be incorporated in…
2Cases cited1 opinion
- Bank of the United States v. Waggener and OthersSupreme Court of the United States · 1835
3Cited by3 opinions
- Earle v. OwingsSupreme Court of South Carolina · 1905
- Merchants & Planters' Bank v. SarrattSupreme Court of South Carolina · 1907
- Plyler v. McGeeSupreme Court of South Carolina · 1907