Palm v. Fancher
Mississippi Supreme Court
From the chancery court of Attala county. Hon. James P. McCool, Chancellor. Pancher and others, appellees, were complainants in the court below; Palm and wife, appellants, were defendants there. Prom a decree in complainants’ favor foreclosing a mortgage, defendants appealed to the supreme court. The facts of the case so far as pertinent to the decision, are stated in the opinion of the court. The note stipulated for compound interest at the rate of ten per centum per annum.
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From the chancery court of Attala county. Hon. James P. McCool, Chancellor. Pancher and others, appellees, were complainants in the court below; Palm and wife, appellants, were defendants there. Prom a decree in complainants’ favor foreclosing a mortgage, defendants appealed to the supreme court. The facts of the case so far as pertinent to the decision, are stated in the opinion of the court. The note stipulated for compound interest at the rate of ten per centum per annum. Such a contract is unlawful. This question is not an open one in this state since the decision in Perkins v. Qoleman,…
1Opinion of the CourtMayes, J.
The chancellor has settled all questions in this case save one of law. On the 12th day of February, 1903, the appellants .gave a mortgage on property therein described to secure the appellees in the sum of $356.42 then owing. The note is as follows:
“$356.42. McOool, Miss., Feb. 12, 1903. On November 1, 1903, after date, we or either of us promise to pay to the order of Seward & Fancher three hundred and fifty-six and 42-100 dollars, for value received, negotiable and payable, without defalcation or discount, and with interest from maturity at the rate of ten per cent per annum, and if…
2Cases cited1 opinion
- Perkins v. ColemanMississippi Supreme Court · 1875
3Cited by8 opinions
- Heald v. Friis-HansenCalifornia Supreme Court · 1959
- Madison Personal Loan, Inc. v. ParkerCourt of Appeals for the Second Circuit · 1941
- Connecticut Mutual Life Insurance Co. v. FisherDistrict Court of Appeal of Florida · 1964
- Jefferson Standard Life Ins. v. DavisMississippi Supreme Court · 1935
- Whitworth v. DaveySupreme Court of Missouri · 1919
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