Butters v. Olds
Supreme Court of Iowa
Appeal from Mitchell District Court. Foreclosure of a mortgage. The notes, and the mortgage given to secure the same, were made in Iowa, between parties residing here, payable in New York, with interest at the rate of ten per centum per annum. The answer sets up, among other things, that these notes were usurious under the statute of New York, (which is set out,) and therefore void.
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Appeal from Mitchell District Court. Foreclosure of a mortgage. The notes, and the mortgage given to secure the same, were made in Iowa, between parties residing here, payable in New York, with interest at the rate of ten per centum per annum. The answer sets up, among other things, that these notes were usurious under the statute of New York, (which is set out,) and therefore void. To this part of the answer there was a demurrer, which was sustained, and from the ruling thereon defendants appeal. relied upon Panning v. Consequa, 17 John. 518; Story Conf. Laws, sections 241 246, 280-282, and…
1Opinion of the CourtWbisht, J.
The general rule may be stated thus: Interest, whether due by express contract or given as damages by the law, is due according to the rate allowed by the law of the place where the contract is made; and this for the reason that if not otherwise indicated, it will be presumed that the contract ivas to be performed there. But if the contract is made with reference to the laws of another country, and to be performed there, interest is to be calculated according to the law of the place of performance, unless it is otherwise stipulated in the contract. (1 Am. L. C. 519, and case^ there cited.) If…
2Cases cited1 opinion
- Peck v. Mayo, Follett & Co.Supreme Court of Vermont · 1842
3Cited by8 opinions
- Cromwell v. County of SacSupreme Court of the United States · 1878
- Dugan v. LewisTexas Supreme Court · 1891
- Arnold v. PotterSupreme Court of Iowa · 1867
- Aluminum Co. Of America v. HullyCourt of Appeals for the Eighth Circuit · 1952
- Bigelow v. BurnhamSupreme Court of Iowa · 1891
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