Tholen v. Duffy
Supreme Court of Kansas
Error from Leavenworth District Court. On the 28th of January, 1869, Duffy loaned Tholen ,$1,000 in money, upon a contract between them that Tholen should pay interest thereon for one year in advance at the rr+o of twelve per cent.
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Error from Leavenworth District Court. On the 28th of January, 1869, Duffy loaned Tholen ,$1,000 in money, upon a contract between them that Tholen should pay interest thereon for one year in advance at the rr+o of twelve per cent. The interest being $120, Duffy ¿'.ye Tholen the remaining $880, and took the latter’s note for $1,000 payable at the end of one year, without interest, but containing a stipulation to pay interest (on said $1,000) from maturity until paid at ■the rate of twelve per cent, per annum. And on the same day, the said Tholen, with Hannah, his wife, executed and delivered…
1Opinion of the Court
The opinion of the court was delivered by
Brewer, J.:
Only two questions are presented for our consideration in this case : First, Is the taking of twelve per cent, interest in advance, on a loan of one thousand dollars made for a year on note and mortgage, usurious ? Second, Is an agreement in a mortgage to pay ten per cent, attorney’s fees upon foreclosure valid and binding ?
i. ikteotsst ; SsSSoSs!not I. Twelve per cent is the highest legal interest which by the terms of our law parties may contract to pay. Exacting this in advance, practically gives to the lender more than twelve per cent,…
2Cases cited14 opinions
- Fleckner v. President of the Bank of the United StatesSupreme Court of the United States · 1823
- McLane v. AbramsNevada Supreme Court · 1866
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- Lawrence v. CowlesIllinois Supreme Court · 1852
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- Clement Mortgage Co. v. JohnstonSupreme Court of Oklahoma · 1921
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- Goodale v. WallaceSouth Dakota Supreme Court · 1905
- Stover v. JohnnycakeSupreme Court of Kansas · 1872
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