New England &c. Co. v. Baxley

Citations

• 44 S.C. 81
• 21 S.E. 444
• 1895 S.C. LEXIS 54

Syllabus

<p>1. Agent — Usury.—Where a party makes application for a loan to the agent of a brokerage company, agreeing to pay to the brokerage company twenty per cent, of the principal and all charges, and this brokerage company obtains the loan from a land mortgage company, which takes a mortgage to secure the repayment of debt and legal interest and attorney’s fees, in case of foreclosure, and pays over the full amount of the loan to the brokerage company, which retained the commission agreed upon, the lender having no knowledge of the agreement between the brokerage company and the borrower, and not participating therein, the mortgage is not usurious on its face, nor in fact in the hands of the lender.</p> <p>2. Ibid. — Ibid.—Evidence.—A transaction not usurious on its face may be shown to be so in fact, but not by the testimony of one who professes to be agent of the lender, where his own declarations are the only evidence of his agency.</p> <p>3. Ibid. — Evidence.—The evidence in this case does not show that the agent of the brokerage company or the brokerage company itself was an agent of the lender.</p> <p>4. Case Criticised. — This case distinguished from Brown v. Brown, 38 S. C., 173.</p> <p>5. Petition for Rehearing refused.</p> <p>Only result concurred in.</p>