Parsons v. Babcock
Parsons v. Babcock
Opinion of the Court
• This was an action in the district court of Gage county on a note executed by the defendant for $1,066.90, under date of February 14, 1884, payable to the order of the plaintiff two years from date with interest at the rate of eight per cent per annum. The answer, omitting caption, is as follows: “That the note set forth in plaintiff’s petition, and upon which this action is brought, was executed by this defendant for the sole purpose of taking up another note executed by this defendant to. said plaintiff on the 15th day of September, 1879, for the payment to the plaintiff or order of the sum of $656.33, with interest at the rate of twelve per cent per annum, and which said note of September 15,1879, was so executed by this defendant for the sole purpose of taking up the following notes, viz.: One executed by this defendant in the name of Collins & Babcock, dated August 21, 1874, for the sum of $114.50, payable to plaintiff or bearer one day after date with interest at twenty per cent per annum; one executed by this defendant in the name of Collins & Babcock, dated July 1, 1874, for the sum of $52.92, payable to plaintiff or bearer one day after date with interest at twenty per cent per annum; one executed by this defendant in the name of Collins & Babcock, dated August 1, 1874, for the sum of $25.98, payable to plaintiff or bearer one day after date with interest at twenty per cent per annum; one executed by this defendant in the name of Collins & Babcock, dated August 3, 1874, for the sum of $34.85, payable to plaintiff or bearer one day after date with interest at twenty per cent per annum; one executed by this defendant, dated June 27, 1874, for the sum of $86.25, payable to plaintiff or bearer with interest at twenty per cent per annum; one executed by
The reply is a general denial. Prior to the month of June, 1874, the plaintiff,, whose residence was Des Moines, in the state of Iowa, left with the defendant, who resided at Pawnee City, in this state, about $4,000, to be loaned at the rate of twenty per cent per annum. During thé
The plaintiff, on the other hand, testifies that he never held any notes of the defendant or Collins & Babcock previous to the note for $656.33 executed September 15, 1879. He also contends that the note last named represented the amount of money then in defendant’s hands and unaccounted for. Upon this issue, which is the only controverted question in the case, the finding of the district court was for the defendant, and with that finding we are entirely satisfied. The undisputed facts attending the transaction tend strongly to corroborate the defendant. For instance, the seven notes in question were all introduced in evidence, each of which bears the following indorsement written across its face: “Paid by new note, ' September 15, ’79.” Again, the plaintiff in his deposition denies that he ever held the seven notes described, but fails to deny the use of the money with his knowledge and consent or the understanding that defendant would pay interest thereon at the rate charged other borrowers. He also denies taking or contracting for “ illegal interest,” but neglects to fortify his conclusion with any statement of fact, such, for instance, as the state of the account with defend
Affirmed.
Case-law data current through December 31, 2025. Source: CourtListener bulk data.