People's Bank v. Jackson

Citations

• 43 S.C. 86
• 27 L.R.A. 569
• 20 S.E. 786
• 1895 S.C. LEXIS 125

Syllabus

<p>1. Note for Purchase Money — Usury.—The stipulation in a note for the purchase money of land, calling for ten per cent, interest from its date, the law in force at the date of the note forbidding a greater rate of interest than seven per cent, on “any contract arising in this State for the hiring, lending, or use of money or other commodity,” renders the note usurious. Thompson v. Nesbit, 2 Rich., 73, followed.1</p> <p>2. Ibid. — Ibid.—Vendee.—Where three persons purchase a tract of land, and give their joint note and mortgage for the purchase money, and two of them sell their interests in this land to the other, he may plead usury to the whole note, and is not limited in his plea to one-third of it, he being liable for the whole debt.</p>