M'Alister v. Jerman
Mississippi Supreme Court
In error from the chancery side of the Circuit Court of Tippah county, Hon. P. T. Scruggs, judge. Insisted that the facts showed that this was not a case of usury. The agreement made, after the debt fell due, was to pay an additional sum for forbearance in foreclosing the deed of trust. Forbearance is a good consideration for a promise. JEtling v. Van-derlyn, 4 Johns. R. 23; Miles v. M‘Lellan, 2 Nott & M‘Cord, 133; Hob. 216; Oro. Eliz. 387; Ld. Raym. 357; 1 Com.
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In error from the chancery side of the Circuit Court of Tippah county, Hon. P. T. Scruggs, judge. Insisted that the facts showed that this was not a case of usury. The agreement made, after the debt fell due, was to pay an additional sum for forbearance in foreclosing the deed of trust. Forbearance is a good consideration for a promise. JEtling v. Van-derlyn, 4 Johns. R. 23; Miles v. M‘Lellan, 2 Nott & M‘Cord, 133; Hob. 216; Oro. Eliz. 387; Ld. Raym. 357; 1 Com. Dig. 298, note (a). A contract which is usurious in its inception may, by a subsequent agreement, be freed from all taint of usury.…
1Opinion of the CourtFisher, J.
The complainant filed this bill on the chancery side of the Circuit Court of Tippah county, for the purpose of enjoining the defendants below from selling a certain tract of land which the complainant had purchased from one Johnson, and upon which Johnson had executed a deed of trust to secure the defendants in the payment of the sum of $ 101, being a loan of money to Johnson.
The facts are these: the debt being due, the parties entered into an agreement by which Johnson was to pay for forbearance, a rate of interest exceeding eight per cent, per annum. Such a contract has been decided by this…
2Cited by16 opinions
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- Snyder v. Middle States Loan, Building & Construction Co.West Virginia Supreme Court · 1902
- Lee v. FeamsterWest Virginia Supreme Court · 1882
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