Cornell v. Barnes
Wisconsin Supreme Court
APPEAL from the Circuit Court for Milwaukee County. Foreclosure of a mortgage of certain lands in Racine county, executed December 1, 1854, by the defendants Orville W. Barnes and wife to the plaintiff, Latham Cornell, securing the bond of said Orville W. Barnes, of same date, for $15,000, payable December 1, 1859, with interest at ten per cent, per annum, payable annually, “ the interest and principal to be payable at the office of Strong & Fuller in the city of Racine,…
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APPEAL from the Circuit Court for Milwaukee County. Foreclosure of a mortgage of certain lands in Racine county, executed December 1, 1854, by the defendants Orville W. Barnes and wife to the plaintiff, Latham Cornell, securing the bond of said Orville W. Barnes, of same date, for $15,000, payable December 1, 1859, with interest at ten per cent, per annum, payable annually, “ the interest and principal to be payable at the office of Strong & Fuller in the city of Racine, with the rate of exchange which shall [should] be current at the time of payment on the city of Troy, N. Y., or at the Troy…
1Opinion of the CourtPaine, J.
It is not claimed in the answer that including the exchange due upon one of the old mortgages, according to its terms, in the present mortgage, constitutes usury. That mortgage was given in 1850, when the law in force allowed any rate of interest for which the parties chose to contract; consequently no question as to usury could arise upon it.
But it is claimed that the present mortgage is usurious, because, in addition to the ten per cent, in-' terest, it stipulates for exchange current at the time of any payment on the city of Troy, New York, where the mortgagee resided. It is alleged in the…
2Cases cited1 opinion
- Central Bank of Wisconsin v. St. JohnWisconsin Supreme Court · 1863
3Cited by15 opinions
- John R. Davis Lumber Co. v. Hartford Fire InsuranceWisconsin Supreme Court · 1897
- Rush v. FrenchArizona Supreme Court · 1874
- Goldenberg v. LawNew Mexico Supreme Court · 1913
- Churchman v. MartinIndiana Supreme Court · 1876
- State v. HoffmanWisconsin Supreme Court · 1942
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