Taylor v. Thomas
Supreme Court of Georgia
Mortgage. Usury. Contracts. Evidence. Before Judge 'Crisp. Lee Superior Court. March Term, 1878. Thomas instituted proceedings to foreclose a mortgage ■executed on March 15th, 1875, to secure the following notes: “$3,000.00. On or before the first day of January, 1873, I promise to pay to •G-. W. Thomas or bearer, $3,000.00, for value received. October 16th, 1871. (Signed) Eleazeb Taylob.”
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Mortgage. Usury. Contracts. Evidence. Before Judge 'Crisp. Lee Superior Court. March Term, 1878. Thomas instituted proceedings to foreclose a mortgage ■executed on March 15th, 1875, to secure the following notes: “$3,000.00. On or before the first day of January, 1873, I promise to pay to •G-. W. Thomas or bearer, $3,000.00, for value received. October 16th, 1871. (Signed) Eleazeb Taylob.” Attached to this note were the following : “I agree and promise to pay on my above note, interest at the rate of 18 per cent, per annum from the first of January last until fully paid. April 21st, 1873.…
1Opinion of the Court
Bleckley, Justiee.
1. All laws upon the subject of usury were repealed. Whilst they stood repealed, a new stipulation in writing for interest was added to a contract which had been made before the repeal. This new stipulation reached back and provided for the computation of interest at the agreed rate from a time anterior to the date of repeal’. The agreed rate was in excess of the limit to which lawful interest had been restricted whilst the usury laws were in force. Did this invalidate the new stipulation ? Undoubtedly it did not, for no law was violated. There was no public or legislative…
2Cases cited1 opinion
- Rodgers v. RosserSupreme Court of Georgia · 1876
3Cited by8 opinions
- Hollingsworth v. Peoples BankSupreme Court of Georgia · 1934
- Fireman's Fund Insurance v. DavisCourt of Appeals of Georgia · 1930
- Farmers State Bank v. SingletaryCourt of Appeals of Georgia · 1918
- Bullard v. JonesSupreme Court of Georgia · 1882
- Williams v. Griffin Banking Co.Supreme Court of Georgia · 1879
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