Byrd v. Newcomb Mill & Lumber Co.
Mississippi Supreme Court
Appeal from the chancery court of Yazoo county. Hon. O. B. Taylor, Chancellor. Stilt by the Link Newcomb Mill & Lumber Company against A. W. Byrd, wherein a writ of sequestration was issued and levied, and defendant gave a. forthcoming bond for the lumber levied on, with J. W. McClintock and J. B. Daniels as sureties. From a decree for complainant, defendant appeals.
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Appeal from the chancery court of Yazoo county. Hon. O. B. Taylor, Chancellor. Stilt by the Link Newcomb Mill & Lumber Company against A. W. Byrd, wherein a writ of sequestration was issued and levied, and defendant gave a. forthcoming bond for the lumber levied on, with J. W. McClintock and J. B. Daniels as sureties. From a decree for complainant, defendant appeals. Laws 1912, chapter 229, section 1, directed to be reported, reads as follows: “The legal rate of interest on all notes, accounts and contracts shall be six per cent, per annum; but contracts may be made, in writing, for payment…
1Opinion of the CourtHolden, J.
The contract is not usurious to the extent that a greater rate of interest than twenty per cent, per annum was contracted for or received, which would forfeit the principal and all interest under chapter 229, Acts of 1912. The written contract expressly provides that the borrower, appellant, shall have twelve months within which to market the lumber and pay the amounts advanced after such advances are made; and as be *193was under no contractual obligation, directly or indirectly, to pay within a. shorter time, he could not have been forced to do so; therefore he did not contract to pay the…
2Cases cited1 opinion
- United States v. RogersSupreme Court of the United States · 1846
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- Yeager v. AinsworthMississippi Supreme Court · 1947
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- Fry v. LaytonMississippi Supreme Court · 1941
- Ready-Mix Concrete & Concrete Products Co. v. PerryMississippi Supreme Court · 1960
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