Lindberg v. Burton
North Dakota Supreme Court
From a judgment of tbe District Court of Burke County, Leighton, J., plaintiffs appeal. “The test of usury is: Will the contract if performed result in producing to the lender a rate of interest greater than is allowed by law, and was that result intended?” Rantalla v. Haish, 156 N. W. 686. Compound interest, or interest upon interest, constitutes usury when contracted for contemporaneously with the creation of the original debt.
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From a judgment of tbe District Court of Burke County, Leighton, J., plaintiffs appeal. “The test of usury is: Will the contract if performed result in producing to the lender a rate of interest greater than is allowed by law, and was that result intended?” Rantalla v. Haish, 156 N. W. 686. Compound interest, or interest upon interest, constitutes usury when contracted for contemporaneously with the creation of the original debt. Note in 33 L.B,.A.(N.S.) 296. An agreement made before interest becomes due to compound it is void. Gay v. Berkley, 100 N. W. 930. ■ A contract included in a single…
1Opinion of the CourtChristianson, J.
The plaintiffs brought this action to recover the penalty for usury provided by § 6076, Comp. Laws 1913. The complaint sets forth three causes of action. The first cause of action is for interest upon an alleged usurious contract, alleged to have been paid on November 18, 1912. The second cause of action is for interest alleged to have been paid on November 18, 1913. And the third cause of action is for interest alleged to have been paid on November 18, 1914.
The answer denies that the defendant at any time reserved, charged, or received any usurious interest. The answer sets forth at great…
2Cases cited11 opinions
- Farmers' & Mechanics' National Bank v. DearingSupreme Court of the United States · 1875
- First Nat. Bank of Charlotte v. MorganSupreme Court of the United States · 1889
- First National Bank of Jacksboro v. LasaterSupreme Court of the United States · 1905
- Barnet v. National BankSupreme Court of the United States · 1879
- Brown v. Marion National BankSupreme Court of the United States · 1898
6 more not listed; retrieve them via the Exa API.
3Cited by10 opinions
- State Ex Rel. Hjelle v. BakkeNorth Dakota Supreme Court · 1962
- Overboe v. BrodshaugNorth Dakota Supreme Court · 2008
- Schutt v. Federal Land BankNorth Dakota Supreme Court · 1942
- In re the Guardianship of CampbellNorth Dakota Supreme Court · 1927
- Lamb v. Northern Improvement Co.North Dakota Supreme Court · 1942
5 more not listed; retrieve them via the Exa API.