Mason v. Pierce

Citations

• 142 Ill. 331
• 31 N.E. 503

Syllabus

<p>1. Usury — when debtor may invoke the benefit of the statute. As long as any portion of a debt remains unpaid, usury may be set up by tbe debtor, at least by way of defeating the collection of the balance due; but the debtor has the right to pay the debt, and if he does so pay he can not thereafter invoke the benefit of the statute relating to usury.</p> <p>2. Same — who may take advantage of the statute. Only the original debtor and those in privity with him can avail of the charge of usury. A junior incumbrancer by virtue of a judgment lien is not in privity with such debtor, so as to be able to set up the defense or charge oí usury in his own behalf.</p> <p>3. Where the holder of a sheriff’s deed is entitled to redeem from his debtor’s mortgage, and consents that the debtor may redeem from his deed and from the mortgage, the latter will, in legal effect, become the assignee of the holder of the sheriff’s deed, and his right to redeem will be no broader than the right of his assignor; and if the sheriff’s grantee has no right to set up usury, neither will the original debtor succeeding to his rights have any such right.</p>