Hawhe v. Snydaker

Citations

• 86 Ill. 197

Syllabus

<p>1. Usury —forfeiture of all interest, when enforced. The forfeiture of all Interest under the statute is applicable only to a case where a contract to receive more than ten per cent is shown by the pleadings to have been made, and the forfeiture is of the whole interest so contracted to he received.</p> <p>2. Same—payment in excess of tén per cent applied onpiñncipal. The fact that the maker of a note which draws ten per cent interest may have paid, and the payee may have received, more than ten per cent will not subject the payee, upon a bill to foreclose a mortgage given to secure such note, to a forfeiture of all interest on the note, when it does not appear that such excess of interest was reserved in the original contract, but where it appears, in such case, that more than ten per cent has been paid on account of interest the court will apply the excess as a payment upon the principal.</p> <p>3. Practice — talcing default against a party who has answered. Taking a default against a defendant in a chancery suit after he has filed his answer is an irregularity which does no harm if the final hearing appears to have been upon the bill and the answers of defendants, including the answer of the one defaulted.</p> <p>4. Mortgagor-—rights of parties’ claim under conveyance from. The rights of parties claiming, under separate conveyances from the mortgagor, different parts of the mortgaged premises, are several and not joint, as to any question arising upon releases of other parts of the mortgaged property executed by the mortgagee.</p> <p>5. Mortgage—effect of release of parts of land, as against grantee of mortgagor, of other parts. A release of a part of mortgaged premises will not operate, ipso facto, as a release of such other parts, as may have been conveyed to other parties by the mortgagor after the execution of the mortgage, but under certain circumstances such a release may discharge pro tanto a certain part of the mortgage debt as against those claiming u