Missouri, Kansas & Texas Trust Co. v. Gantt
Missouri, Kansas & Texas Trust Co. v. Gantt
Opinion of the Court
I. This ‘action was brought against defendant W. E. Gantt on nine promissory notes for six hundred and fifty-eight dollars and twenty cents each, and due, respectively, in two, three, four, five, six, seven, eight, nine, and ten years after date, and all payable in monthly installments of fifty-four dollars and eighty-five cents each, bearing ten per cent, interest if not paid when due. The foreclosure of a mortgage given by both defendants to secure said notes was also prayed. The mortgage covered a lot and house in Highland, an addition to the city of Sioux City, Iowa. By the terms of the mortgage it became due on a failure to make any payment. Defendant paid thirteen of the installment notes, and defaulted as to further payments. By-the provisions of the mortgage, plaintiff was entitled to the rents and profits of the mortgaged premises. Judgment for six thousand dollars was prayed, with ten per cent, interest thereon from June 19,1889, and costs. The mortgage also contained the following provision: “And it is further understood and agreed by and between said parties of the first part, their executors, administrators, or assigns, and the said party of the second part, the Missouri, Kansas & Texas Trust Company, that in case said W. E. Gantt, one of the said parties of the first part, should die after the execution and delivery of said notes and this mortgage, and within ten years thereafter, each and every of said notes remaining
II. Without undertaking to do more than approximate, it seems that the learned trial court, in entering the decree, must have allowed defendant about two thousand dollars upon his counterclaims. Appellant contends that he should have had a judgment against plaintiff. The testimony is quite lengthy, and we shall not attempt to review it. After carefully considering it, we conclude that the court below arrived at a correct result. The evidence is in hopeless conflict as to the character of the work done upon the house and the quality of material furnished. We are satisfied, however, that while the house, in most of the important particulars, conformed to the contract, yet in some respects it did not do so. The most serious defect was the failure to connect the sewer pipe leading from the house to the cesspool. It appears, however, that this sewer or waste pipe was only used to carry off waste water from the kitchen sink, and possibly from the washbowl in the bath room. The evidence of any ill effect from this cause is slight. Many of the defects in the construction of the house, which defendant complains of, appear to have been much magnified. As to some of them, it is a matter of doubt whether they were faults in construction or were due to the acts of defendant or those of his family. To properly review the evi
III. It is said that this contract was usurious. It will be observed that by the terms of the contract, in case W. E. Gantt died within the ten years, and had paid all notes due at the date of his death, then the plaintiff agreed to surrender and cancel all the notes unpaid. We do not think there is any question of usury in this case. It was a plain contract to build a house for a certain sum of money, payable at fixed times. What it actually cost plaintiff is wholly immaterial. By the terms of the contract no price was fixed upon the house and no separate value upon that part of the contract whereby plaintiff, upon defendant’s death within the ten years, was to cancel the remaining indebtedness. We are not authorized, on our own account, to say what the part of the contract providing for the cancellation of the notes was worth. The evidence touching that point, even if admissible, it seems to us, is not shown to be applicable to a case like this. The decree below is affirmed.
Case-law data current through December 31, 2025. Source: CourtListener bulk data.