Brown v. Grundy

Citations

• 111 F. 15
• 1901 U.S. App. LEXIS 4943

Syllabus

<p>1. Federad Courts—Foddowing State Decisions—Usury.</p> <p>Upon the question of usury, which is statutory, the federal courts follow the decisions of the state courts.1</p> <p>2. Usury—Intention—Arkansas Statute.</p> <p>Under the usury laws of Arkansas, as construed by the supreme court of the state, a mutual agreement to gire and receive unlawful interest is not necessary, to constitute usury, but there must have been an intention on the part of the lender to take or receive more than the legal rate of interest. That the contract requires the payment of a sum in excess of the principal of the debt and legal interest thereon, through a mistake of fact or an error in calculation, will not render it usurious.</p>