Kobrin v. Hull

This is a bill to foreclose a mortgage. The defense is usury. On January 5th, 1922, the complainant loaned the defendant Beyer $3,500 on bond and mortgage on property in Hackensack. On April 11th, 1923, Beyer paid $1,000 of the debt and gave a new bond and mortgage for $2,500, the one under foreclosure. It is established, as pointed out in the court's findings at the conclusion of the argument, that the complainant corruptly agreed with the defendant Beyer to lend him $3,500 upon the promise to pay interest at the rate of three per cent. per month, and that interest at that rate was paid for…