Snyder v. Griswold

Citations

• 37 Ill. 216

Syllabus

<p>1. Mortgage&emdash;what. Where a deed is given, absolute on its face, and a written agreement executed the same day, by which the money was to be paid by a certain day, the entire transaction will be considered as a loan, with mortgage security on the land conveyed.</p> <p>2. Same&emdash;parol proof to vary agreement. Parol proof cannot be received to vary such written agreement, the more especially when, in the defeasance, there is an express stipulation to pay the money dus by a day named.</p> <p>3. Same. All conversations anterior to the examination of the writings are considered as merged in the writings, and they must speak the contract of the parties.</p> <p>4. Same—decree of foreclosure giving interest. Usury having been established, it was error to allow legal interest on the amount found to be due by the mortgage.</p> <p>6. Same — usury in. A party seeking to foreclose a mortgage tainted with usury, and the usury being established, a forfeiture of all interest is the necessary consequence. If, however, the mortgagor was seeking relief against a usurious mortgage, then the court could require him to pay legal interest, on the principle that he who asks equitable relief, should do equity, and equity would require him to pay legal interest. In such case, a court of equity could prescribe the terms of its interference.</p> <p>Held, therefore, a decree giving the mortgagee legal interest, the usury being established, was error.</p>