Vaught v. Rider
Supreme Court of Virginia
Argued at Wytheville. Decided at Staunton. Appeal from decree of circuit court of Wythe county, in the cause of Vaught against Rider, trustee, and Fisher. Fisher loaned Vaught $1,500. to pay an usurious debt to Lambert, and took from him a trust-deed to secure the loan. On default of Vaught, Rider, trustee, advertised for sale the land in a mode inconsistent with that prescribed in the trust-deed.
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Argued at Wytheville. Decided at Staunton. Appeal from decree of circuit court of Wythe county, in the cause of Vaught against Rider, trustee, and Fisher. Fisher loaned Vaught $1,500. to pay an usurious debt to Lambert, and took from him a trust-deed to secure the loan. On default of Vaught, Rider, trustee, advertised for sale the land in a mode inconsistent with that prescribed in the trust-deed. Vaught filed his bill, alleging usury in the transaction and the defective notice of sale. At the hearing, the court, satisfied there was no usury in the transaction, denied Vaught’s motion for a…
1Opinion of the Court
Lewis, P.,
delivered the opinion of the court.
That every security for a usurious debt, however often renewed, is affected by the original illegal consideration, is a proposition well established and undisputed. Drake’s Ex’or v. Chandler, 18 Gratt. 909; Walker v. Bank of Washington, 3 How. 62. In the present case, however, as presented by the record, we agree with the circuit judge, that whatever may have been the nature of the transactions between the appellant and Lambert, which are charged to have been usurious, the vice of usury does not enter into •the transactions between the appellant…
2Cases cited3 opinions
- Corrman & Brurry v. Mlller & Co.Supreme Court of Virginia · 1875
- Walker v. President of the Bank of WashingtonSupreme Court of the United States · 1844
- Drake's Ex'or v. ChandlerSupreme Court of Virginia · 1868
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