54 So. 166 | Ala. | 1910
On the 14th day of March, 1887, Annie T. Lee and her husband, R. M. Lee, complainants in this cause, executed and delivered to R. D. Reynolds, the respondent, a note for the sum of $2,784, payable October 1, 1887. This note was secured by a mortgage
The question of usury vel non in the contract is the only question insisted upon in appellant’s brief. Hence Ave will consider only this question.
It seems to be undisputed that the verbal agreement for the loan of the money was made in January, 1887, and a part of the money was then paid over, and the note and mortgage were then written out, but not executed for some reason. On the 14th of the following March, more money was paid over and the papers exe-
A decree will be here rendered to the effect that the mortgage debt contained usurious interest; that the principal sum loaned by respondent B. D. Reynolds to complainants, Annie T. Lee and B. M. Lee, was $2,400; that the $884 of the amount named in the face of the note was usurious interest, at 16 per cent, from date loaned to the date of payment. The question as to whether the amount of money tendered by complainants was sufficient cannot be determined until it is duly ascertained what amount the complainants are entitled to have credited upon the mortgage debt and the amount of costs and charges the complainants are liable for up to the date of the tender. A reference to the register in chancery, of Barbour county chancery court, will here be ordered in this cause, the time and place of which he will give due notice to the parties to this cause, or their counsel of record, to ascertain: (1) The amount of costs and charges due by complainants to respondent, including reasonable attorneys’ fees, by virtue of said note and mortgage up to the date of the. tender made by complainants to respondent. (2) The amount of costs and charges due by complainants to respondent, including reasonable attorney’s fees, by vir
Reversed, rendered, and remanded.