Strawberry Point Bank v. Lee

Plaintiff, a corporation of Iowa, brought suit upon a note executed by the defendants for $1,600, payable to “A. B. Holbert, or order, of Greeley, Iowa.” The note also contained the following',provision:

“Interest payable annually, and interest at the rate aforesaid upon such interest after the- same becomes due, until paid; and we agree, if this note is not paid when due, and the holder sues the same, to pay a reasonable sum as attorney’s fees, to be assessed by the court, and taxed as a part of the cost, in any suit brought thereon.”

The defense was that the note was obtained by fraud.…