Ector v. Osborne
Supreme Court of North Carolina
Appeal by defendants from Bryson, J,, at the January Term, 1920, of Haywood. This is an action on a note for $500 executed on 9 May, 1916, by the defendant Osborne to the defendant Abel, and indorsed by Abel to the plaintiff, to which the plaintiff interposes the plea of usury, alleging that the note was given for the balance of a loan of $1,000 on which usurious interest was charged, and that if the payments made are applied to the loan without interest nothing is due the…
Read the full summary
Appeal by defendants from Bryson, J,, at the January Term, 1920, of Haywood. This is an action on a note for $500 executed on 9 May, 1916, by the defendant Osborne to the defendant Abel, and indorsed by Abel to the plaintiff, to which the plaintiff interposes the plea of usury, alleging that the note was given for the balance of a loan of $1,000 on which usurious interest was charged, and that if the payments made are applied to the loan without interest nothing is due the plaintiff. The plaintiff in her testimony gave the following account of the original loan; “I loaned Mr. Osborne, on 5…
1Opinion of the CourtAllen, J.
There are four requisites of a usurious transaction:
“(1) There must be a loan, express or implied; (2) an understanding between tbe parties that tbe money lent shall be returned; (3) that for such loan a greater rate of interest than is allowed by law shall be paid, or agreed to be paid, as tbe case may be; and (4) there must exist a corrupt intent to take more than tbe legal rate for tbe use of tbe money loaned.” Doster v. English, 152 N. C., 341.
“Tbe corrupt intent mentioned in tbe books consists in tbe charging or receiving tbe excessive interest with tbe knowledge that it is prohibited by…
2Cases cited5 opinions
- Doster v. . EnglishSupreme Court of North Carolina · 1910
- Porter v. American Cigar Box Lumber Co.Supreme Court of North Carolina · 1913
- Wheeler v. . ColeSupreme Court of North Carolina · 1913
- Beck v. Bank of ThomasvilleSupreme Court of North Carolina · 1912
- Ervin v. First National BankSupreme Court of North Carolina · 1912
3Cited by14 opinions
- Lamb v. HerndonCalifornia Court of Appeal · 1929
- Chemical Bank v. BelkCourt of Appeals of North Carolina · 1979
- Hill v. . LindsaySupreme Court of North Carolina · 1936
- Stewart v. NangleDistrict Court of Appeal of Florida · 1958
- Credit Finance Corp. v. MoxCalifornia Court of Appeal · 1932
9 more not listed; retrieve them via the Exa API.