Monk v. . Goldstein
Supreme Court of North Carolina
Civil actioh tried before Webb, J., and a jury at August Term, 1916, of GttilfoRd. Plaintiff sued, under Revisal, sec. 1951, for $80, double tbe amount of usurious interest paid by him to defendant. He alleged and testified that he wanted to buy a Ford ear for $580, and, not having the money to pay for it, he applied to the defendant for a loan of the amount, and he agreed to lend him the money upon a mortgage of the automobile and a lot.
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Civil actioh tried before Webb, J., and a jury at August Term, 1916, of GttilfoRd. Plaintiff sued, under Revisal, sec. 1951, for $80, double tbe amount of usurious interest paid by him to defendant. He alleged and testified that he wanted to buy a Ford ear for $580, and, not having the money to pay for it, he applied to the defendant for a loan of the amount, and he agreed to lend him the money upon a mortgage of the automobile and a lot. When asked by plaintiff what he would charge for the money, defendant replied that “he could not turn so small a deal for less than 20 per cent, and…
1Opinion of the Court
WalKer, J.,
after stating the case: The test of usury is that there should be a contract for the forbearance of an existing indebtedness or a loan of money. Struthers v. Drexel, 122 U. S., 487; 29 Am. and Eng. Enc., p. 464, sec. 4, and note 5; Smithwick v. Whitley, 152 N. C., 366; or, as otherwise expressed, a profit greater than the lawful rate of interest, intentionally exacted as a bonus for the loan of money, imposed upon the necessities of the borrower in a transaction where the treaty is for a loan and the money is to be returned at all events, which is a violation of the usury laws, it…
2Cases cited9 opinions
- Bank of the United States v. Waggener and OthersSupreme Court of the United States · 1835
- Kornegay v. Atlantic Coast Line RailroadSupreme Court of North Carolina · 1911
- Doster v. . EnglishSupreme Court of North Carolina · 1910
- Aman v. Rowland Lumber Co.Supreme Court of North Carolina · 1912
- Revis v. City of RaleighSupreme Court of North Carolina · 1909
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3Cited by8 opinions
- Ripple v. Mortgage & Acceptance Corp.Supreme Court of North Carolina · 1927
- Bell v. Idaho Finance Co.Idaho Supreme Court · 1953
- Aman v. . Lumber Co.Supreme Court of North Carolina · 1912
- Associated Stores, Inc. v. Industrial Loan & Investment Co.District Court, E.D. North Carolina · 1962
- Swamp Loan & Trust Co. v. YokleySupreme Court of North Carolina · 1917
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