75 Ga. 837 | Ga. | 1886
The facts of this case are, briefly, as follows, on the point which must control it:
1. On the 27th of April, 1880, Bugg purchased of one Cohen the real estate at issue for $400.00,—$100.00 cash and $300.00 credit, due October 1st, 1881. Cohen gave him bond for titles when the land was paid for. Bugg transferred this bond to Burum & Co. as collateral security for a bill for merchandise. On October 7th, 1881, the balance of purchase money was paid by Bugg, but he directed the title to be made by Cohen to Burum & Co. to secure a debt to them for merchandise. Thus title to this property was in Burum &Co. In order to get title out of them into himself, Bugg borrowed twelve hundred dollars from Russell, and applied $1,125 of this borrowed money to the payment of the debt Bugg owed to Burum & Co., who then made a deed to this property to Bugg, who made it to Russell to secure him for the money thus paid to Burum & Co The rate of interest paid for this money to Russell was twelve per cent., and this deed from Bugg to Russell Was void as title, or as an equitable mortgage, to pay an or
Not a cent of usury went into the money which paid for this land; this $1,125 is free from it; it bought for Bugg’ and Bugg must pay it.
Inasmuch, as such must be the result of this case in a hundred trials, it is needless to consider allegations of error on minor points. It is well, however, to add that the case is distinguishable from Anderson vs. Tribble, 63 Ga., 32, and 66 Ga., 584. There the title was in Tribble, and never had been in another, out of whom Anderson’s money, and his money alone, put it in Tribble. If there be obiter m
Judgment affirmed.