Sternburg v. Callanan & Ingham
Supreme Court of Iowa
Appeal from Warren District Court. For several years prior to tbe 1st day of June, 1857, Andrew J. Stevens bad been doing business in the city of Des Moines, as a land agent and banker. Lambert Stern-burg, the father of plaintiff, and assignor of the account sued on, employed Stevens as his agent to locate land warrants, make time entries, and to enter lands in his name, &c., &c.
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Appeal from Warren District Court. For several years prior to tbe 1st day of June, 1857, Andrew J. Stevens bad been doing business in the city of Des Moines, as a land agent and banker. Lambert Stern-burg, the father of plaintiff, and assignor of the account sued on, employed Stevens as his agent to locate land warrants, make time entries, and to enter lands in his name, &c., &c. It was agreed that the capital invested in warrants and money, deposited for the purposes above stated by Stern-burg, should be loaned or invested so as to yield 40 per cent, that Stevens should have five, per cent…
1Opinion of the CourtBaldwin, C. J.
The pleadings and evidence plainly show that Stevens was acting merely as the agent of Stern-*255burg in loaning his money, or rather, in making time entries for Mm with land warrants. There was no contract between Sternburg and Stevens to the effect that Stevens should borrow money and pay a usurious rate of interest therefor. The parties to whom the warrants were loaned, or for whom the land was entered, may have been parties to a usurious contract, and might have interposed this plea; but the defendant Stevens, who acted only as an agent, who had neither borrowed money of plaintiff, paid nor…
2Cases cited2 opinions
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