Swamp Loan & Trust Co. v. Yokley
Supreme Court of North Carolina
Appeal by plaintiff from Webb, J., at May Term, 1917, of UNION. This is an action on a note executed by tbe defendants to tbe plaintiff, Savings, Loan and Trust Company. Tbe defendant relied on tbe plea of usury.
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Appeal by plaintiff from Webb, J., at May Term, 1917, of UNION. This is an action on a note executed by tbe defendants to tbe plaintiff, Savings, Loan and Trust Company. Tbe defendant relied on tbe plea of usury. Tbe plaintiff filed a reply to tbe answer of tbe defendants, in wbicb it, in substance, alleged that tbe loan to tbe defendants was made by tbe Security Life and Annuity Company, and that tbe plaintiff negotiated tbe loan and charged 1 per cent as commissions therefor. Tbe action came on for trial at August Term, 1916, when tbe following verdict was returned by tbe jury: 1. Was tbe…
1Opinion of the CourtAllen, J.
“In order to constitute a usurious transaction, four requisites must appear: (1) There must be a loan, express or implied; (2) an understanding between tbe parties that tbe money lent shall be returned; (3) that for such loan a greater rate of interest than is allowed by law shall be paid or agreed to be paid, as tbe case may be; and- (4) there must exist a corrupt intent to take more than tbe legal rate for tbe use of the money loaned. ... A profit greater than tbe lawful rate of interest, intentionally exacted as a bonus for tbe loan of money, imposed upon tbe necessities of tbe borrower in…
2Cases cited2 opinions
- Doster v. . EnglishSupreme Court of North Carolina · 1910
- Monk v. . GoldsteinSupreme Court of North Carolina · 1916
3Cited by8 opinions
- Michigan National Bank v. HannerSupreme Court of North Carolina · 1966
- Baker v. . EdwardsSupreme Court of North Carolina · 1918
- Carolina Industrial Bank v. MerrimonSupreme Court of North Carolina · 1963
- Howes v. CurtisIdaho Supreme Court · 1983
- Insurance Co. v. . SmathersSupreme Court of North Carolina · 1937
3 more not listed; retrieve them via the Exa API.