Smith v. G. Cavaglieri Mortgage Co.

MR. JUSTICE PLUMMER Delivered the Opinion of the Court.

This action was begun and prosecuted by the plaintiffs to recover as a penalty under the Usury Act three times the amount of interest alleged to have been paid by them to the defendant by reason of the transactions hereinafter referred to. The defendant had judgment and the plaintiffs appeal.

Two questions are presented to us in this action for our consideration: First—Was the transaction involved a loan of money or the sale of a promissory note? Second—Has there been any payment of usurious interest ?

The trial court found that the…