Levenson v. Cohen

Plaintiffs brought this suit to declare a deed and land contract back a mortgage, to restrain its forfeiture as a land contract, and, upon a claim of usury, to have the amount of the debt adjusted. Defendants filed cross-bill for foreclosure of the contract. The court held the transaction a mortgage, the loan usurious, found the debt at the sum of $8,200, allowed defendants interest at six per cent, per annum, and decreed foreclosure as a mortgage. Defendants appealed.

The deed and contract were executed and delivered simultaneously. Neither made any mention 'of mortgages outstanding of some…