40 Neb. 92 | Neb. | 1894
The defendant had taken from plaintiff a note for the sum of $470.50, secured by'a chattel mortgage on certain
There is but one question presented, and that, too, upon facts as to which the parties differ but slightly in their contentions. Contemporaneously with the making of the note for $470.50, there was made between the parties thereto a written agreement, by the terms of which McGhee agreed, in consideration of the surrender by the defendant to Byers, Patterson & Co. of McGhee’s three notes for the aggregate sum of $3,084.04 (the bank receiving therefor $2,700 cash from Byers, Patterson & Co.), that he, McGhee, should give to the bank his said note for $470.50, and that he would not bring an action for usury against defendant. This agreement further provided that all the notes which plaintiff had made to defendant should remain with a party named therein, who should deliver the said notes to plaintiff after the time for bringing suit under the federal statutes for the exaction of usury should have fully elapsed, and not before. If we add together the above $2,700 which Byers, Patterson & Co. were to pay the bank, the $470.50 for which the note was given, and the $513.54 denominated a “discount” in the agreement, we have a total of $3,684.04, the exact amount of the three notes stipulated to be turned over to Byers, Patterson & Co. Upon full consideration of all the evidence adduced, we conclude that the so-called “discount” of $513.54 was but another name for the difference between the interest already accrued on usurious notes made by defendant to plaintiff and a sum
Reversed.