Blackburn v. Hayes
Supreme Court of Arkansas
Appeal from Desha Chancery Court. James If. Robinson, Chancellor. 1. The usury is found in the provision of the deed of trust that, in default of shipping 200 bales of cotton, plaintiffs should pay $1.25 per bale for the deficit; this, in addition to the 10 per cent., makes a clear case of usury. Mansf.
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Appeal from Desha Chancery Court. James If. Robinson, Chancellor. 1. The usury is found in the provision of the deed of trust that, in default of shipping 200 bales of cotton, plaintiffs should pay $1.25 per bale for the deficit; this, in addition to the 10 per cent., makes a clear case of usury. Mansf. Dig. secs. 4733-4-5; Acts 1887, p. 50; .art. 19, sec. 13, const. 1874. 2. The report of the master shows $147.13 overcharge of interest. 1. The charge of $1.25 per bale for cotton not shipped as per agreement is not usurious. 93 U. S 344; 70 N. Y. Ct. of App. 239; 65 Ala. 511; 84 Ala. 88; 5…
1Opinion of the CourtBattrr, J.
The defendants, John T. Hardie & Co., being factors and commission merchants, doing business in the city of New Orleans, in the State of Louisiana, entered into an agreement with the plaintiffs, who were cotton planters in the State of Arkansas, by which they undertook to advance to plaintiffs large sums of money for the purpose of aiding them in raising-cotton, and plaintiffs agreed to repay the same with interest thereon at the rate of ten per centum per annum, and to ship to the defendants, John T. Hardie & Co., at least two hundred bales of cotton to be sold by them, or, in default…
2Cases cited4 opinions
- Cockle v. FlackSupreme Court of the United States · 1877
- Dozier v. MitchellSupreme Court of Alabama · 1880
- Matthews v. . CoeNew York Court of Appeals · 1877
- Woolsey & Sons v. Jones & Bro.Supreme Court of Alabama · 1887
3Cited by5 opinions
- Foreman v. NeedlesSupreme Court of Oklahoma · 1920
- Western Bank & Trust Co. v. OgdenCourt of Appeals of Texas · 1906
- Scott v. McCraw, Perkins & Webber Co.Supreme Court of Arkansas · 1915
- Sosebee v. BoswellSupreme Court of Arkansas · 1967
- Sosebee v. BoswellSupreme Court of Arkansas · 1967