Chaffe & Sons v. Landers
Supreme Court of Arkansas
APPEAL from Jzard Circuit Court. Hon. R. H. Powell, Circuit Judge. The Supreme Court of the United States, per McLean, J., in the case of Lloyd v. Scott, said: “ Where a party agrees to pay a specific sum, exceeding the lawful interest, provided he do not pay the principal by a day certain, it is not usury, for the reason that by a punctual payment of the principal he may avoid the payment of the sum stated, which is considered as a penalty.” Lloyd v. Scott, Ip Peters, MB.
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APPEAL from Jzard Circuit Court. Hon. R. H. Powell, Circuit Judge. The Supreme Court of the United States, per McLean, J., in the case of Lloyd v. Scott, said: “ Where a party agrees to pay a specific sum, exceeding the lawful interest, provided he do not pay the principal by a day certain, it is not usury, for the reason that by a punctual payment of the principal he may avoid the payment of the sum stated, which is considered as a penalty.” Lloyd v. Scott, Ip Peters, MB. To same effect see Spain v. Hamilton, 1 Wall., 601p; Cutler v. How., 8 Mass., 857; Tuttle v. Clark, Ip Conn., 153;…
1Opinion of the Court
STATEMENT.
Cockrill, C. J.
A. C. Jeffery & Co., on the 5th day of September, 1878, executed in Izard county, • Arkansas, their promissory note for $2,154.33 to John Chaffe & Sons, due January 15, 1879, to bear interest at 10 per cent, per annum from date till paid, in settlement of an account due the latter firm. On the same day A. C. Jeffery, one of the firm of A. O. Jeffery & Co., executed his note for $8,000 to John Chaffe & Sons, due eight months after date, bearing interest at 8 per cent, per annum from maturity until paid, and also executed a mortgage on 509 acres of land in Izard county,…
2Cases cited4 opinions
- Lloyd v. ScottSupreme Court of the United States · 1830
- Sumner v. . the PeopleNew York Court of Appeals · 1864
- Conrad v. GibbonSupreme Court of Iowa · 1870
- Weyrich v. HobelmanNebraska Supreme Court · 1883
3Cited by9 opinions
- Hayes v. First National Bank of MemphisSupreme Court of Arkansas · 1974
- Eldred v. HartSupreme Court of Arkansas · 1908
- Hamilton v. FowlerCourt of Appeals for the Sixth Circuit · 1899
- Sager v. American Investment CompanySupreme Court of Arkansas · 1926
- Carney v. MatthewsonSupreme Court of Arkansas · 1908
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