Cushman v. Sutphen

Citations

• 42 Ill. 256

Syllabus

<p>1. Interest—at what rate recoverable, under act of 1849. Where, on bill filed to redeem from a mortgage, an amount is found to be due the mortgagee on the 19th of February, 1856, upon which the mortgagor had agreed to pay interest at ten per cent, the interest law of 1849, being then in force, would govern the rate of interest, and it appearing the transaction was not for money loaned, and usury being relied upon, only six per cent., was allowed.</p> <p>2. Same — at what rate allowed in equity, where usury is reserved. Where a mortgagor is seeking to redeem, and alleges usury, from which he seeks relief, although the statute under which the usury was reserved declared a forfeiture of all the interest, yet he will be required to pay six per cent, on the principle that he who asks equitable relief should do equity, and equity would require him to pay legal interest.</p>