Mallett v. Stone
Supreme Court of Iowa
Appeal from Pottawattamie District Court. A suit to recover the sum of $1,000 with ten per cent interest thereon, being tbe amount of a promissory note, dated January 24th, 1857, payable the 1st of July, following, together with the foreclosure of a deed of trust, given to secure the same. The contract, at its inception and making thereof, was legal, and free from any taint of usury or other infirmity.
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Appeal from Pottawattamie District Court. A suit to recover the sum of $1,000 with ten per cent interest thereon, being tbe amount of a promissory note, dated January 24th, 1857, payable the 1st of July, following, together with the foreclosure of a deed of trust, given to secure the same. The contract, at its inception and making thereof, was legal, and free from any taint of usury or other infirmity. At its maturity a special contract was made between the parties, whereby the holder of the claim agreed to forbear payment for, and during the month of July, for the consideration of $80, which…
1Opinion of the CourtLowe, J.
1. Usury: construction of contract. The, only point for our determination is, whether the defense of usury can be sucessfully pleaded, under circumstances stated, to the note sued. We think clearly not. The special contracts ent;ere¿ into as aforesaid, after the maturity of the note, to obtain further time in the payment thereof, do not in law relate back to the date of the original contract so as to infect its, validity. The note, in its inception, was valid, untainted with any illegality, and it ever remained so; it was not changed or renewed so as to include the subsequent special…
2Cited by3 opinions
- State Ex Rel. Turner v. Younker Brothers, Inc.Supreme Court of Iowa · 1973
- Cobb v. . MorganSupreme Court of North Carolina · 1880
- J. W. Squire Co. v. HedgesSupreme Court of Iowa · 1925