Beard v. . Bingham
Supreme Court of North Carolina
Court of Equity--Practice-- Usurious Contracts. MotioN to dissolve an Injunction, heard at Chambers on the 10th day of November, 1876, before Cloud, J. . The plaintiffs alleged that in January, 1874, they executed a note for $321.52, with interest at 10 per cent, to Thomas E. Brown one of the defendants, and to secure the payment thereof executed a mortgage deed to defendant Bingham conveying certain lands in Rowan County, being the homestead of plaintiffs.
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Court of Equity--Practice-- Usurious Contracts. MotioN to dissolve an Injunction, heard at Chambers on the 10th day of November, 1876, before Cloud, J. . The plaintiffs alleged that in January, 1874, they executed a note for $321.52, with interest at 10 per cent, to Thomas E. Brown one of the defendants, and to secure the payment thereof executed a mortgage deed to defendant Bingham conveying certain lands in Rowan County, being the homestead of plaintiffs. Subsequently defendant Brown assigned the note i to defendant Kesler who purchased with notice of the usurious interest. A sale of the…
1Opinion of the CourtHaircloth, J.
A Court of Equity is as much bound by the Statute of Usury as a Court of Law, and will not allow the lender to enforce his usurious contract; and when called upon by tbe borrower for assistance to protect him it will give it, but will require liim to do equity by paying the-principal money and the legal interest. Ballinger v. Edwards, 4 Ire. Eq. 449, and the cases cited.
In this action the order below of His Honor is affirmed, with the modification, that if the plaintiffs fail to pay and satisfy said judgment for thirty days after service of a certified copy of this opinion then the defendants…
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- Purnell v. Vaughan, Barnes & Co.Supreme Court of North Carolina · 1880
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