Reference

Full Case Name

Peoples Bank of Dillon v. Perrit, Adm'r. Peoples Bank of Dillon v. Bracy.

Cited By

3 cases

Status

Published

Syllabus

1. Usury — Acceptance op Individual Notes op Joint Debtors Held a Payment, and Not Renewal, Hence Not Affected by Former Note. — Where joint makers of note settled with payee by executing individual notes to the payee, each for part of the total, the old note being marked paid, held that it was an absolute payment of the old indebtedness and not a mere renewal or continuance of the indebtedness evidenced by the joint note; and, in an action on the individual notes the Court could not, by reason of a counterclaim for the statutory penalty for usury, inquire as to what part of the amount due on the joint note represented usurious interest, a separate action to recover the statutory penalty as to such joint note being barred by limitations. 2. Usury — Interest Rate Charged on Discount Held Usurious.— Where at the time of the execution of a note for $650, there being no provision in it, nor in the mortgage securing it, nor any written agreement, authorizing its discount at a higher rate than 7 per cent., payee discounted and received $14.75 for a period of 315 days, the payee thereby received as interest upon the loan evidenced by the note a greater amount of interest than allowed by Civ. Code 1912, sec. 2518. 3. Usury — Burden on Dependant to Prove Usurious Payments.— Where contract is not usurious on its face, the burden.is on defendant debtor to prove payment of usurious interest.