Phillips v. Columbus City Building Ass'n
Supreme Court of Iowa
Appeal from Louisa Owcuit Oourt. This is an action in equity, the object of which is to cancel a mortgage upon, certain real estate, upon the alleged ground that .said mortgage was usurious, and that a sum equal to the principal secured thereby had been paid. Upon a trial on the merits the petition was dismissed, and the plaintiff appeals. The facts appear in the opinion.
1Opinion of the Court
Eothrocic J.
i. usury : , notcVrSund- ) iug of iisuri1 ousinterest The plaintiff, being the owner of certain shares of the capital stock of the defendant, applied for a loan of money upon said shares. He obtained a loan of $102, for which he agreed to pay a pre- ^ mium of $198. To secure the payment of the loan he executed to the defendant a mortgage upon two lots in Columbus City, by which he contracted to pay the defendant ten per cent per annum interest on not only the sum of $102 actpally received by him, but also upon the sum of $198, being the premium for the loan. Afterward he sold and…
2Cases cited2 opinions
- Campbell v. McHargSupreme Court of Iowa · 1859
- Hawkeye Benefit & Loan Ass'n v. BlackburnSupreme Court of Iowa · 1878
3Cited by6 opinions
- Garvin v. LintonSupreme Court of Arkansas · 1896
- Cotton States Building Co. v. JonesTexas Supreme Court · 1901
- Trainor v. German-American SavingsAppellate Court of Illinois · 1902
- Andrews v. RichmondNew York Supreme Court · 1884
- King v. SmithSupreme Court of Minnesota · 1928
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