Insurance Co. v. . Smathers

Civil action to determine amount due on promissory note and to foreclose deed of trust given as security for payment thereof.

Defendants admit the execution of their $15,000 note to Bankers Trust Title Insurance Company on 17 January, 1931. They contend, however, that same should be stripped of its interest-bearing quality (Waters v. Garris,188 N.C. 305, 124 S.E. 334), and all interest paid thereon credited on the principal because of an alleged charge of usury amounting to $417.04 exacted at the time of the making of said loan.

In a letter addressed to the Bankers Trust Title Insurance Company…