118 Iowa 401 | Iowa | 1902
In the year 1892 the plaintiff, a resident of this state, obtained a loan from the Phoenix Loan Association of St. Joseph, Mo. The note and mortgage given by him secured the nominal amount of $2,250 but the actual loan negotiated for was $1,500. In the year 1896, after plaintiff had paid, in monthly installments, an aggregate sum of $1,147.50, a change was made at the request of the association, by which the mortgage above mentioned was canceled, and a new application and mortgage executed by plaintiff for an alleged balmce of $1,193.70, with so-called “premiums” added, making a nominal amount of $1,730. Plaintiff in fact received no money other than the original loan. Thereafter plaintiff continued to pay monthly installments on this indebtedness until his aggregate payments amounted, as he alleges, to $1,869.90. He brings this action, alleging that the contract of loan was usurious, that he has more than paid the
The decree of the district court is aeeirmed.