Sumpter v. Hot Springs Savings, Trust & Guaranty Co.
Supreme Court of Arkansas
Appeal from Garland Chancery Court; Jethro P. Henderson, Chancellor; The loan was usurious and void. 1. Tombler was the agent of the bank, an officer and member of the discount board. 2. A bonus or commission was paid him as agent of the bank. 3. Plaintiff had knowledge of the payment of the bonus to Tombler, or under the circumstances knowledge will be presumed. 4. The bonus paid Tombler when added to the interest to be paid constitutes a clear ease of usury. 1. The burden…
Read the full summary
Appeal from Garland Chancery Court; Jethro P. Henderson, Chancellor; The loan was usurious and void. 1. Tombler was the agent of the bank, an officer and member of the discount board. 2. A bonus or commission was paid him as agent of the bank. 3. Plaintiff had knowledge of the payment of the bonus to Tombler, or under the circumstances knowledge will be presumed. 4. The bonus paid Tombler when added to the interest to be paid constitutes a clear ease of usury. 1. The burden to prove usury by clear and satisfactory evidence was on appellant. 83 Ark. 31; 105 Id. 653; 91 Id. 458; 68 Id. 162; 63…
1Opinion of the CourtSmith, J.
This suit was brought to foreclose a deed of trust executed by appellant to appellee (hereinafter referred to as the bank) to secure a note payable to its order in the sum of $14,000.00, and the suit was defended upon the ground that the note was usurious and void. In support of this plea the following testimony was offered: An application had been made to the bank for a loan of $13,000.00, and the application was rejected. Later O. H. Sumpter, son of, and attorney for appellant, employed C. C. Sparks to secure the loan, and an application therefor was made to one M. C. Tombler, who had…
2Cases cited3 opinions
- Vahlberg v. KeatonSupreme Court of Arkansas · 1889
- Thompson v. IngramSupreme Court of Arkansas · 1889
- VanDeventer v. SmithSupreme Court of Arkansas · 1916
3Cited by1 opinion
- Jones v. PhillippeSupreme Court of Arkansas · 1918