Chase v. Whitten
Supreme Court of Minnesota
Appeal by defendant, Walter S. Whitten, from a judgment of the District Court of Hennepin County, Smith, J., entered September 10, 1892. On September 22, 1890, the plaintiffs John W. Chase and Emma M. Chase, his wife, made and delivered to the New York Mortgage Loan Company their promissory note whereby they promised to pay to that corporation or order, on September 22, 1895, $1,925, with interest at the rate of seven per cent, per annum, payable semiannually at its office…
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Appeal by defendant, Walter S. Whitten, from a judgment of the District Court of Hennepin County, Smith, J., entered September 10, 1892. On September 22, 1890, the plaintiffs John W. Chase and Emma M. Chase, his wife, made and delivered to the New York Mortgage Loan Company their promissory note whereby they promised to pay to that corporation or order, on September 22, 1895, $1,925, with interest at the rate of seven per cent, per annum, payable semiannually at its office in Minneapolis, with current rate of exchange on New York City. The note further provided that if interest be not paid…
1Opinion of the CourtYanderburgh, J.
Laws 1879, ch. 66, relating to interest, is amended by Laws 1887, ch. 66, by adding a provision “that all contracts hereafter made shall bear the same rate of interest after they become due as before, and any provision in any contract, note, or instrument providing for an increase of the rate of interest upon maturity, or any increase therein after the making and delivery thereof, shall work a forfeiture of the entire interest thereon.”
The effect of this provision is to make such contracts usurious upon their face, as respects all interest reserved thereby.
The collection of the interest in…
2Cases cited1 opinion
- Jordan v. HumphreySupreme Court of Minnesota · 1884
3Cited by4 opinions
- Chase v. WhittenSupreme Court of Minnesota · 1895
- Aldrich v. ChaseSupreme Court of Minnesota · 1897
- Union Central Life Insurance v. LaFolletteOregon Supreme Court · 1935
- Bolstad v. HovlandSupreme Court of Minnesota · 1932