Gower v. Carter
Supreme Court of Iowa
Appeal from the Johnson District Gourt. This suit is brought on three promissory notes, each for the sum of $969.91, dated January 30th, 1854, and payable respectively in six, nine, and twelve months from date, with interest until paid, at the rate of ten per cent, per annum. Each note contains a clause in these words: “If not paid punctually when due, we promise to pay as a penalty for the default, two and a half per cent, per month from maturity till paid.”
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Appeal from the Johnson District Gourt. This suit is brought on three promissory notes, each for the sum of $969.91, dated January 30th, 1854, and payable respectively in six, nine, and twelve months from date, with interest until paid, at the rate of ten per cent, per annum. Each note contains a clause in these words: “If not paid punctually when due, we promise to pay as a penalty for the default, two and a half per cent, per month from maturity till paid.” The defendants answered, denying generally any indebtedness to plaintiffs in the sum claimed, or any less sum on the promissory notes;…
1Opinion of the CourtStockton, J.
The first question arising in this cause, is as to the correctness of the decision of the District Court, in sustaining the demurrer to defendants’ answer.
The answer is certainly most inartifically drawn. It is clearly insufficient in the facts it sets forth, to show that there was anything usurious in the contract between the parties, whereby defendants agreed to pay the several sums of money when the promissory notes respectively fell due. If the contract was usurious, the plaintiffs, under section 5, Act of February, 1853 (Session Acts, p. 68), would only have been
*252entitled to judgment for…
2Cases cited2 opinions
- Cutler v. HowMassachusetts Supreme Judicial Court · 1811
- Lawrence v. CowlesIllinois Supreme Court · 1852
3Cited by11 opinions
- Eagle Rock Corp. v. Idamont Hotel Co.Idaho Supreme Court · 1938
- Collins v. StateSupreme Court of Florida · 1869
- Stillwell v. Paepcke-Leicht Lumber Co.Supreme Court of Arkansas · 1904
- Holt v. DotySupreme Court of Iowa · 1922
- McGill v. GriffinSupreme Court of Iowa · 1871
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