Borcherling's v. Trefz

Van Fleet, V. C.

This is a suit to foreclose a mortgage bearing date November 16th, 1874, made by the defendant’s testator to the complainants’ testator to secure $20,000. The mortgage was payable in one year from its date, and bore interest at the rate of seven per cent, per annum. The defence is usury. It is undisputed that in the negotiation of the loan secured by the mortgage the mortgagee’s son acted as the agent of his father, and, on the conclusion of the transaction, received from the mortgagor the sum of $5,000 in addition to $50 which the mortgagor paid him for making searches and…