Cooper v. Rothman

Citations

• 63 Fla. 394

Syllabus

<p>1. Where C. loaned to R. and four others, $5,000.00, at 8% interest evidenced by a note for that amount due ninety days after the date of said note {vis. on the 1st of July, 1907), secured by a mortgage on real estate, which money was borrowed from C. for the purpose of going into a real estate speculation, and it was agreed at the time of said loan that C. in addition to the 8% interest should have one-third interest in the profits, and where it appears that on the 1st of October, 1907, when said note fell due that R. and his associates were unable to pay the note, and as a consideration for a ninety day extension they gave C. three notes aggregating $1,500.00, payable in six, nine and twelve months, and it was agreed that these three notes were to satisfy C.’s claim for profits, when at that time there were no profits, the transaction is usurious under the statute of Florida.</p> <p>2. Where there is a note for $5,000.00 bearing eight per cent, interest, and three $500.00 notes which represent a usurious consideration, all involved in the same foreclosure proceedings, there is no error committed by the Circuit Judge in applying payments which were made on the $5,000.00 note, and in refusing to allow interest on the principal debt of $5,000.00.</p>