Machinists' Bank v. Krum
Supreme Court of Iowa
Appeal from Scott District Court. The defendant was a member of tbe firm of W. W. Skinner & Co., doing business m tbe city of Davenport. This firm became indebted to Cook & Sargeant, for money advanced upon their bank account. For the sum of their indebtedness, with usurious interest added thereto, Skinner & Co. gave their notes. These notes were renewed from time to time, including illegal interest and credits given for payments made thereon.
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Appeal from Scott District Court. The defendant was a member of tbe firm of W. W. Skinner & Co., doing business m tbe city of Davenport. This firm became indebted to Cook & Sargeant, for money advanced upon their bank account. For the sum of their indebtedness, with usurious interest added thereto, Skinner & Co. gave their notes. These notes were renewed from time to time, including illegal interest and credits given for payments made thereon. After these several renewals and payments, W. W. Skinner sold out his interests in said firm to the defendant, he, defendant, agreeing to pay all of…
1Opinion of the Court
Baldwin, Ch. J.
There is no controversy as to the fact that the note included usurious interest. It is conceded that the money was first obtained upon a usurious contract and that at each renewal illegal interest was added, but it is claimed that Krum now cannot set up this defense, as he .agreed in his contract of purchase from Skinner & Oo. to pay all the debts of said firm; that having received the assets of said firm in a sufficient sum to pay all of said debts, he ceased to be a party to the contract of the firm, and that it would be inequitable and unjust to permit him to retain money in…
2Cited by3 opinions
- Bolen v. WrightNebraska Supreme Court · 1911
- Hanlin v. ParsonsSupreme Court of Iowa · 1871
- O'Neil v. ClevelandSupreme Court of New Jersey · 1878