Blymyer v. Colvin
Blymyer v. Colvin
Opinion of the Court
Opinion,
When this case was here before, 121 Pa. 582, the paper book of the defendant in error
All of these three payments were made after judgment had been confessed on the original bond; and, as the $300 note, given as a bonus, must be treated as a device to evade the usury laws, these payments upon it must be treated as payments upon the original debt. The bond and mortgage were given for the same debt as the judgment; the transaction was a mere change of securities for the same loan, and the law will apply the payments of usurious interest as payments upon the principal. Had this error of counsel, or of the printer, as the case may be, been called to our attention, we would have modified our opinion, and entered a judgment in accordance with the real facts of the case.
The judgment is reversed, and a venire facias de novo awarded.
Plaintiff in error, in that case.
Reference
- Full Case Name
- J. F. BLYMYER v. WILLIAM COLVIN
- Cited By
- 2 cases
- Status
- Published
- Syllabus
- [To bo reported.] (a) A borrower received $5,000 giving- a bond upon which judgment was ' entered, agreeing at the time to pay a bonus of $300 for the loan. On December 19th, he gave the lender his note for $300, the bonus agreed upon, payable in three instalments. (6) After payment of one instalment on. the note, the borrower executed to the lender a new bond for $5,000 secured by a mortgage, whereupon the judgment referred to was satisfied; subsequently, he paid the remaining instalments of the $300 noto. 1. In such case, the bonus represented by the note of December 19th was usurious, and in an action by an assignee of the bond and mortgage, the debtor was entitled to credit upon the mortgage debt for all the payments made upon that note: Colvin v. Blymyer, 121 Pa. 582, explained.