Hollingsworth v. Swickard
Supreme Court of Iowa
Appeal from Lucas District Court. This is a proceeding to foreclose a mortgage upon a certain real estate, given to secure the payment of a note executed by defendant to plaintiff, May 16th, 1857, for $882. Defendant pleads usury.
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Appeal from Lucas District Court. This is a proceeding to foreclose a mortgage upon a certain real estate, given to secure the payment of a note executed by defendant to plaintiff, May 16th, 1857, for $882. Defendant pleads usury. In the answer it is alleged that one Spray borrowed of plaintiff one thousand dollars, upon the 28th day of July, 1855, for one year, for which sum and the interest thereon, said Spray gave to plaintiff his note for $1250, and a mortgage upon certain real estate, to secure the payment of said note. That defendant purchased of said Spray the real estate thus…
1Opinion of the CourtBaldwIN, J.
The appellant assigns as error, the action of the District Court in sustaining the demurrer of the plaintiff, and thus allowing plaintiff to recover the sum of $250, the amount of usurious interest in the note of Spray to plaintiff. By an act of the legislature of this State, the rate of interest is fixed at six per cent. The parties to the contract may, however, agree upon a higher rate, not to exceed ten per cent. Session Laws 1853, chapter 37. Section 4 of said act provides, “that no person shall, directly or indirectly, receive in money, goods, or things in action, or in any other manner,…
2Cited by5 opinions
- Burlington Mutual Loan Ass'n v. HeiderSupreme Court of Iowa · 1880
- Anderson v. Oregon Mortgage Co.Idaho Supreme Court · 1902
- Perry v. KearnsSupreme Court of Iowa · 1862
- Bacon v. Iowa Savings & Loan Ass'nSupreme Court of Iowa · 1903
- Simmons v. TaylorU.S. Circuit Court for the Southern District of Iowa · 1889