Briggs v. Steele
Supreme Court of Arkansas
Appeal from Lonoke Chancery Court; John B. Martineau, Judge; 1. The contract and transactions were usurious and void. There was no sale of goods. Steele was not a merchant. The commission charge was a mere subterfuge to cover usury. Webb on Usury, § 80, p. 88. 2. The two notes to Steele, Sr., were not covered 'by the mortgage.
Read the full summary
Appeal from Lonoke Chancery Court; John B. Martineau, Judge; 1. The contract and transactions were usurious and void. There was no sale of goods. Steele was not a merchant. The commission charge was a mere subterfuge to cover usury. Webb on Usury, § 80, p. 88. 2. The two notes to Steele, Sr., were not covered 'by the mortgage. It was usury to charge ten per cent, commission on the market price of the goods, or money furnished, then 20 per cent., and then adding 10 per cent, interest. Such transactions are illegal, and constitute usury. 12 La. 660; 12 Id. 723; 16 Id. 239; 5 So. 147; 19 Am.…
1Opinion of the CourtFrauRnthar, J.
This was a suit brought by the plaintiff, T. W. Steele, against the defendant, A B. Briggs, for the foreclosure of a real estate mortgage. The complaint alleged that on January 2, 1905, the defendant executed to plaintiff three notes, aggregating $500, for merchandise and moneys which were thereafter to be furnished; that plaintiff made such advances to the amount of said notes and also additional advances, upon which was a balance due of $901.16; that on the day of the execution of the notes defendant and his wife duly executed to plaintiff a mortgage upon certain land to secure the above…
2Cases cited11 opinions
- Garvin v. LintonSupreme Court of Arkansas · 1896
- Leonhard v. FloodSupreme Court of Arkansas · 1900
- Eldred v. HartSupreme Court of Arkansas · 1908
- Citizens' Bank v. MurphySupreme Court of Arkansas · 1907
- First National Bank v. WaddellSupreme Court of Arkansas · 1905
6 more not listed; retrieve them via the Exa API.
3Cited by42 opinions
- McCoy Farms, Inc. v. J & M McKEESupreme Court of Arkansas · 1978
- Davidson v. Commercial Credit Equipment Corp.Supreme Court of Arkansas · 1973
- Universal C. I. T. Credit Corp. v. LackeySupreme Court of Arkansas · 1957
- American Bank Trust v. First Nat'l Bank of ParisSupreme Court of Arkansas · 1931
- Briant v. Carl-Lee Bros.Supreme Court of Arkansas · 1923
37 more not listed; retrieve them via the Exa API.