Savannah Savings Bank v. Logan
Supreme Court of Georgia
Complaint. Before Judge PlacDonell. Oity court of Savannah. November term, 1895. The petition of Annie M. Logan alleged, that on December 14, 1892, she gave 'the defendant bank a note for $1,300, and to secure its payment made a note and •executed a mortgage on certain described land. Said note represented $1,050 principal, and $250 interest for a length of time not stated in the note or mortgage.
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Complaint. Before Judge PlacDonell. Oity court of Savannah. November term, 1895. The petition of Annie M. Logan alleged, that on December 14, 1892, she gave 'the defendant bank a note for $1,300, and to secure its payment made a note and •executed a mortgage on certain described land. Said note represented $1,050 principal, and $250 interest for a length of time not stated in the note or mortgage. The mortgage provided that payments on the note should be made in •equal monthly instalments of $30 until it was paid. Petitioner was unable to- pay the instalments regularly or promptly, but did…
1Opinion of the CourtAtkinson, J.
1. Where a debt, including both principal -and interest and due by installments, if paid according to the terms of the contract is free from usury, the transaction is not rendered usurious by the voluntary payment of the debt in full before some of the installments matured, although as a result the creditor would receive, in the aggregate, a sum amounting to more than the principal and the maximum legal rate of interest.
2. That a creditor holding such a debt, which was secured by a mortgage, threatened foreclosure if the installments past due were not paid, and at the same time refused to…
2Cited by19 opinions
- Adder v. Holman & Moody, Inc.Supreme Court of North Carolina · 1975
- Carey v. FitzpatrickMassachusetts Supreme Judicial Court · 1938
- Eldred v. HartSupreme Court of Arkansas · 1908
- O'Callaghan v. Bank of EastmanSupreme Court of Georgia · 1935
- Cissna Loan Co. v. GawleyWashington Supreme Court · 1915
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