Driscoll v. Tannock

Citations

• 76 Ill. 154

Syllabus

<p>1. Usury—-forfeiture of whole of the interest. Under the act of 1857, relating to interest, where a party reserves a greater rate of interest than ten per cent per annum, he will forfeit the whole of the interest, and can only collect the principal sum after deducting payments.</p> <p>2. On bill to foreclose a deed of trust given for $455, the answer set up that the note and deed of trust were given for but $850, and that $105 was added for usurious interest. The complainant, in his replication, admitted the note was given for the loan of $350. The bill also admitted the payment of $140 on the note: Held, that by reserving usurious interest in the note, the complainant was only entitled to recover the sum of $350, less the payment admitted.</p> <p>3. Chancery practice—preserving evidence. There is no rule better settled in this State than that the complainant, to maintain a decree in his favor, must preserve the evidence on which it is based, in the record, and failing to do so the decree will be reversed.</p>