Blymyer v. Colvin

Citations

• 127 Pa. 114
• 17 A. 865
• 1889 Pa. LEXIS 1089

Syllabus

<p>[To bo reported.]</p> <p>(a) A borrower received $5,000 giving- a bond upon which judgment was ' entered, agreeing at the time to pay a bonus of $300 for the loan. On December 19th, he gave the lender his note for $300, the bonus agreed upon, payable in three instalments.</p> <p>(6) After payment of one instalment on. the note, the borrower executed to the lender a new bond for $5,000 secured by a mortgage, whereupon the judgment referred to was satisfied; subsequently, he paid the remaining instalments of the $300 noto.</p> <p>1. In such case, the bonus represented by the note of December 19th was usurious, and in an action by an assignee of the bond and mortgage, the debtor was entitled to credit upon the mortgage debt for all the payments made upon that note: Colvin v. Blymyer, 121 Pa. 582, explained.</p>