Bates v. Equitable Building & Loan Society

deliveeed the opinion op the Couet.

This was a bill to foreclose a building and loan association mortgage in which the defendant set up the defense of usury. The defense failed, and the court entered a decree of foreclosure for $1,020.

Bates, who is a resident of Henry county, made a written application to the defendant in error for a loan of $1,200. After the property which was offered as security was examined a loan for the sum of $1,200 was refused, but a loan for $1,000 was offered, which he accepted.

A certificate of stock for ten shares of $100 each was issued to him. He gave his note for…