Person v. Mattson
North Dakota Supreme Court
Appeal from the judgment of the District Court of Divide County, Leighton, J. In cases where usury has been charged and not paid, and the usurer brings an action upon his contract, the illegality of the contract may be alleged as a defense, and if established, the entire interest due upon the contract becomes forfeited, and no recovery can be had upon contract except the principal sum. Waldner v. Bowden State Bank, 13 N. D. 604, 102 N. W. 169, 3 Ann.
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Appeal from the judgment of the District Court of Divide County, Leighton, J. In cases where usury has been charged and not paid, and the usurer brings an action upon his contract, the illegality of the contract may be alleged as a defense, and if established, the entire interest due upon the contract becomes forfeited, and no recovery can be had upon contract except the principal sum. Waldner v. Bowden State Bank, 13 N. D. 604, 102 N. W. 169, 3 Ann. Cas. 847; Grove v. Great Northern Loan Co. 17 N. D. 359, 138 Am. St. Bep. 707, 116 N. W. 345; Male v. Wink, 61 Neb. 748, 86 N. W. 472; Estey v.…
1Opinion of the CourtGoss, J.
This is a suit in equity to foreclose a chattel mortgage securing two promissory notes of $2,000 each, bearing interest at 12 per cent per annum, nonusurious on their face. The appeal is taken upon the findings of fact, which accordingly are accepted as true. The only questions presented are those of law. The consideration for the notes sued upon consisted of two notes bearing 12 per cent interest, one for $356 and the other for $966, together with cash advanced sufficient to make the total of $4,000 at the time the notes in suit were taken. The $356 note was admittedly usurious, being a…
2Cases cited38 opinions
- Farmers' & Mechanics' National Bank v. DearingSupreme Court of the United States · 1875
- Brown v. Marion National BankSupreme Court of the United States · 1898
- Fowler v. Equitable Trust Co.Supreme Court of the United States · 1891
- McBroom v. Scottish Mortgage & Land Investment Co.Supreme Court of the United States · 1894
- Haseltine v. Central Bank of SpringfieldSupreme Court of the United States · 1901
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3Cited by2 opinions
- Bjornstad v. PerryIdaho Supreme Court · 1968
- Carter v. Warde Capital Corp.Idaho Court of Appeals · 1992