Wisconsin Reports; Cases Determined in the Supreme Court of Wisconsin Volume 17

Wisconsin Reports; Cases Determined in the Supreme Court of Wisconsin Volume 17

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1865 edition. Excerpt: ...draw twenty-four per cent. interest or not. The agreement or contract of the parties was, that this should be the rate of interest, and it is the substance of the thing that is to be regarded. Nor is there any more evidence than always exists in like transactions, that the parties, when they renewed the various notes and illegal interest was paid, treated the contract as two contracts, one for the payment of the principal and one for the payment of the interest. Certain pay' ments were made, and new notes given. But there is nothing which shows that the parties treated the principal as one thing and interest as another, or distinguished between them, or made payments which were specially applied to extinguish one item more than the other. They undoubtedly considered it as one indebtedness growing out of one contract in essence and in fact. And if the parties did not treat the contract as divisible and distinct, should the court do so, and apply the payments made to an illegal purpose? We suppose not. The court should not refine upon the transaction, or "lay hold of any pretext or argument however specious" to avoid the statute, but attach to the contract all just legal consequences. If the A parties did not treat the contract of loan as separable and distinct, if usurious interest was exacted and paid and new notes given from time to time, how can the court say that the usurious charges formed no part of the consideration of the new notes, and that they were purged of all taint of usury? Be sides, no such defense seems to be relied on in the answer. That, in effect, admits that illegal interest was exacted, that various sums were paid, that settlements were made, balances found due and new securities taken therefor, thus...
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Product details

  • Paperback | 260 pages
  • 189 x 246 x 14mm | 472g
  • United States
  • English
  • black & white illustrations
  • 1236965450
  • 9781236965455