Ellenbogen v. Griffey
Supreme Court of Arkansas
APPEAL from Pulaski Chancery Court. On December 2, 1887, Hiram Robbins purchased of Elias Ellenbogen a stock of liquors and the fixtures in a saloon in Little Rock, giving therefor his note for $1600, due one year from date, bearing 10 per cent, interest, and secured by a mortgage of certain lots in said city, which contained a power of sale, authorizing the mortgagee to sell the property •and to bid at the mortgage sale as any third person could do.
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APPEAL from Pulaski Chancery Court. On December 2, 1887, Hiram Robbins purchased of Elias Ellenbogen a stock of liquors and the fixtures in a saloon in Little Rock, giving therefor his note for $1600, due one year from date, bearing 10 per cent, interest, and secured by a mortgage of certain lots in said city, which contained a power of sale, authorizing the mortgagee to sell the property •and to bid at the mortgage sale as any third person could do. It was agreed that the mortgagor should pay an -attorney’s fee of $10 for examining the title to the land and ••preparing the mortgage, and the…
1Opinion of the CourtHemingway, J.
1. No element of usury in a Into a bona fide sale of land or chattels usury cannot enter, for the element of lending and borrowing is absent; but if the sale is a mere device to cover a loan and exact excessive interest, it will not be protected by its false cover. Davis v. Garr., 55 Am. Dec., 387, 393 and cases cited; Struthers v. Drexel, 122 U. S., 487. In the cases in this court, relied upon by appellee, the transactions were found to be in fact loans of money, put in the form of sales to evade the statutes against usury; and the court held that they were usurious loans, and that the false…
2Cases cited4 opinions
- Thurston v. . CornellNew York Court of Appeals · 1868
- Harger v. McCulloughNew York Supreme Court · 1846
- Hall v. BlissMassachusetts Supreme Judicial Court · 1875
- Struthers v. DrexelSupreme Court of the United States · 1887
3Cited by17 opinions
- Hare v. General Contract Purchase Corp.Supreme Court of Arkansas · 1952
- Verbeck v. ClymerCalifornia Supreme Court · 1927
- Smith v. KaufmanSupreme Court of Arkansas · 1920
- Craig v. MeriwetherSupreme Court of Arkansas · 1907
- Cheairs v. McDermott Motor Co.Supreme Court of Arkansas · 1928
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