Boyd v. Engelbrecht
Supreme Court of New Jersey
On appeal from a decree of the chancellor, based on the following opinion: The mortgage which this suit was brought to foreclose was given in May, 1877, for $4,000, payable in three years, with interest at seven per cent, per annum.
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On appeal from a decree of the chancellor, based on the following opinion: The mortgage which this suit was brought to foreclose was given in May, 1877, for $4,000, payable in three years, with interest at seven per cent, per annum. It is dated May 1st, 1877, and consequently came due May 1st, 1880. In the latter month, after the mortgage had matured, the complainant began a suit for foreclosure on it, which was settled between the parties in the same month and the bill dismissed, and an agreement was made between them that the time for payment of the mortgage-should be extended for a year…
1Opinion of the Court
The opinion of the court was delivered by
Dixon, J.
The bill is filed to foreclose a bond and mortgage, given by the defendant to the complainant May 1st, 1877, for the payment of $4,000 in three years, with interest semi-annually, at seven per cent, per annum.
The answer avers that these instruments were given upon a usurious agreement for the loan of $3,680, being $4,000, less eight per cent., which the mortgagee was to retain as a bonus.
The defendant’s evidence is to the same effect as his answer.
The complainant admits that he received $300 out of the $4,000 loaned, and says that it was paid…
2Cited by2 opinions
- Ryan v. Motor Credit Co., Inc.New Jersey Superior Court Appellate Division · 1941
- Kobrin v. HullNew Jersey Court of Chancery · 1924