Tousey v. Moore

On March 14, 1877, Henry Moore borrowed of Henry Tousey $1,300, and gave him his promissory note, as follows:

“$1,300. Plymouth, March 14, 1877.

“Three years from date, for value received, I promise to pay Henry Tousey or bearer thirteen hundred dollars, with interest annually at the rate of ten per cent, per annum. This note is collateral to a mortgage bearing •date herewith, executed by me and my wife, Minerva Moore.

“Henry Moore.”

This suit is brought to foreclose the mortgage.

The main question presented is this: Is a verbal agreement for a reduction of the rate of interest valid? Interest in…