Goodale v. Wallace
South Dakota Supreme Court
Appeal from circuit court, Pennington county; Hon. Levi McGee, Judge. Action by Anna S. Goodale against Minnie E. Wallace, Arthur E. Wallace, and others. Prom a judgment in favor of plaintiff, defendants Wallace appeal. The test of usury is whether the contract, if performed, will result in securing to the lender a greater rate of interest than is allowed by law.
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Appeal from circuit court, Pennington county; Hon. Levi McGee, Judge. Action by Anna S. Goodale against Minnie E. Wallace, Arthur E. Wallace, and others. Prom a judgment in favor of plaintiff, defendants Wallace appeal. The test of usury is whether the contract, if performed, will result in securing to the lender a greater rate of interest than is allowed by law. The form of the agreement is immaterial since any shift or device by which illegal interest is arranged to be received or paid is usurious. §§ 28, 29, Webb on Usury; §§ 1417, 1419 Civ. Code; Smith v. Parsons, 57 N. W. 311; Drury v.…
1Opinion of the CourtCorson, P. J.
This is an action to foreclose a real estate mortgage on certain lots in Rapid City. Findings and judgment being in favor of the plaintiff, the defendants have appealed. The mortgage was given to secure the payment of 59 *409promissory notes for $40 each, and one note for $43.20. Thirty-nine of these notes were paid, and the fortieth was partially paid, and foreclosure proceedings were instituted to - foreclose the mortgage for the balance due on the last 20 notes. The defendants interposed the defense that the notes were usurious, and that the amount paid by the defendants was more than…
2Cases cited8 opinions
- Meyer v. City of MuscatineSupreme Court of the United States · 1864
- Hatch v. DouglasSupreme Court of Connecticut · 1880
- Tholen v. DuffySupreme Court of Kansas · 1871
- Briggs v. Iowa Savings Loan Ass'nSupreme Court of Iowa · 1901
- State v. ElliottSupreme Court of Kansas · 1900
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3Cited by18 opinions
- Clement Mortgage Co. v. JohnstonSupreme Court of Oklahoma · 1921
- Ruby v. WarriorSupreme Court of Oklahoma · 1918
- Cissna Loan Co. v. GawleyWashington Supreme Court · 1915
- Garland v. Union Trust Co.Supreme Court of Oklahoma · 1917
- Easton v. Butterfield Live Stock Co.Idaho Supreme Court · 1929
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