Reynolds Mortgage Co. v. Thomas

After further consideration, I am convinced that the court erred in holding the loan contract, involved in this controversy, usurious, and in affirming the judgment below.

The contract consists of four parts: The principal note or bond for $3,000, with attached coupons, representing 7½ per cent, interest, and the deed of trust securing same; the second note for $709.15, payable in ten installments, representing 2½ per cent, interest, and the deed of trust (subordinate to the first) securing the latter note. Each note is fair upon its face, and, considered alone, no intention to collect…