Halsell v. Merchants Union Insurance
Mississippi Supreme Court
Appeal from the chancery court of Jones county. Hon. Bam; Whitman, Chancellor. Suit by R. E. Halsell against the Merchants Union Insurance Company. From a decree sustaining a demurrer to the bill of complaint, plaintiff appeals. The facts are fully stated in the opinion of the court.
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Appeal from the chancery court of Jones county. Hon. Bam; Whitman, Chancellor. Suit by R. E. Halsell against the Merchants Union Insurance Company. From a decree sustaining a demurrer to the bill of complaint, plaintiff appeals. The facts are fully stated in the opinion of the court. Under the laws of 1912, page 301, chapter 229, a general law was passed, reading as follows: ‘ ‘ The legal rate of interest on all notes, acconnts, and contracts, shall he six per cent per annum, but contracts may be made in writing for a payment of a rate of interest as great as eight per cent per annum. And if…
1Opinion of the CourtCook, J.
It appears from the record before us that appellant filed a hill of complaint in the chancery court of Jones county, alleging that he was the owner of certain described real estate and, being desirous of borrowing five hundred dollars, he applied to the Merchants’ Union Insurance Company, appellee, for a loan, offering said real estate as security for the payment of the borrowed money. It is also alleged that appellee loaned him the money taking, as security, a mortgage on the land, the loan to be paid in monthly payments fixed by the contract, and the interest charged being at the rate of…
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