Kidder v. Vandersloot

Citations

• 114 Ill. 133
• 28 N.E. 460

Syllabus

<p>1. Allegations and proofs—in chancery. The rule in equity is, that the proofs must correspond with the allegations of the bill,- and be responsive thereto. But a variance not substantial will not be fatal.</p> <p>2. So where a party, to secure a loan of $2500, conveyed to the lender eighty acres of land as a security, taking back a written agreement for a reconveyance on payment of the principal, and $270 for each year of the credit given, but it was alleged in the bill to foreclose that the mortgagor was to pay $250 a year as rent for the land, and the taxes thereon, and it appeared that $20 of the yearly payment was for the payment of the taxes, and $250 for interest, it was held, that there was no substantial variance.</p> <p>3. Parol evidence—to change terms of written agreement. The general rule that parol evidence is not admissible to change the terms of a written contract, has its exceptions, as, in respect to the consideration expressed in notes and conveyances. Such evidence is also admissible where usury is pleaded, regardless of the form the transaction may have in the writings executed by the parties.</p> <p>4. Usury—agreement to pay taxes on land mortgaged, in addition to interest. A person borrowed $2500 on several years’ time, and to secure its payment, with interest, conveyed to the lender eighty acres of land, taking back a written contract for a reconveyance on payment of the principal and ten per cent interest annually, that rate being the highest then allowed by law to be contracted for, with $20 yearly for taxes on the land, making $270 annually, and the proof showed that only $250 was in fact paid as interest, and that on payment of that sum, and producing a receipt for the taxes of such year, he was credited with $270. It was held, the transaction was not usurious, and that the $20 was but a guaranty for the payment of the taxes, which were chargeable against the mortgagee by reason of the legal title being in him.</p>