Boyce v. Fisk

Citations

• 110 Cal. 107
• 42 P. 473
• 1895 Cal. LEXIS 1025

Syllabus

<p>Mortgage by Deed Absolute—Redemption—Excessive Interest— Equitable Relief.—In order to redeem from a deed absolute in form, which was intended as a mortgage, the mortgagor must pay the rate of interest agreed upon in the note which was given for the indebtedness secured by the deed, although such interest is largely in excess of the current rates prevailing at the date of the note, and equity can grant no relief against such interest because merely of the excessive rate, in the absence of proof of other circumstances tending to show actual fraud, or oppression and overreaching, warranting the inference of undue advantage.</p> <p>Id.—Contract for Interest—Equity Bound by the Law.—In this state parties may agree in any contract in writing for the payment of any rate of interest, and it must be allowed, according to the terms of the agreement, until the entry of judgment, and courts of equity are as much bound by the laws of the land as courts of law.</p> <p>Id.—Hard Bargain.—The fact that a bargain is a very hard or unreasonable one is not sufficient per ee to induce a court of equity to interfere with the contract.</p> <p>Id.—Statute of Limitations—Condition of Redemption.—The fact that the debt is barred by the statute of limitations does not absolve the mortgagor who would redeem the mortgaged property from paying the debt as a condition of redemption.</p> <p>Id.—Action to Quiet Title—Form of Judgment Allowing Redemption—Remedy for Outlawed Debt—Dismissal—Bar of Plaintiff’s Right.—In an action to quiet the title of the plaintiff to land which had been conveyed to the defendant as a mortgage security to pay a note which had been barred by the statute of limitations, although the plaintiff cannot have his title quieted while the money for which the mortgage was given remains unpaid, and the court may provide by its judgment for the payment of the amount due, yet the defendant cannot have any affirmative remedy for his outlawed debt, and the only proper judgment wo