Wilson v. Conner

Appellees brought foreclosure proceedings to which the defense of usury was interposed by the answer. The mortgage was given to secure the payment of a note in the principal amount of $10,000.00, payable on or before two years after date, with interest thereon at the rate of 8 per cent, per annum, payable semiannually in advance.

At the time the note was executed, the lender reserved the sum o'f $1552.25, by reason of which there was turned over to the mortgagors only the sum of $8447.75. The $1552.25 so reserved was made up of items as follows: for one year’s advance interest on $10,000.00 at…