Carter v. Life Insurance Co.

Citations

• 30 S.E. 341
• 122 N.C. 338
• 1898 N.C. LEXIS 258

Syllabus

<p>Action to Recover Usurious Interest Paid — Usury— Statute of Limitations.</p> <p>1. Where a life insurance- company lent to a borrower a sum of money at the full legal rate of interest, payable monthly, its repayment being- secured by a deed of trust, but also required the borrower to take an endowment policy in said company on his life, the monthly premiums on which for life or a term of years were also secured by the deed of trust. Held, that the contract was usurious.</p> <p>2. Under Section 3886 of The Code (which governs contracts prior to February 21st, 1895, the date of the ratification of Chapter 69, Acts of 1896,) an action to recover twice the amount of usurious interest paid must be brought within two years from the date of the payments of such interest.</p>