Spinks v. Jordan

Citations

• 108 Miss. 133
• 66 So. 405

Syllabus

<p>1. Usury. Right of third persons. Judgment creditors. Creditors’ ■ suit. Conditions precedent. Tender.</p> <p>Judgment creditors of insolvent debtors have the right to show usury in an indebtedness, secured by a deed of trust which is a first lien on the debtors’ property, and to have such indebtedness reduced by the deduction therefrom of the interest illegally charged.</p> <p>2. Creditors’ Suit. Condition precedents. Tender.</p> <p>Where judgment creditors filed a bill, alleging that the holders of a trust deed, which was a first lien on the debtors property, and which the holders were seeking to foreclose, had included in the amount of the debts secured usurious interest and overcharges, and had failed to allow proper credits, and prayed to have the correct amount of the debt ascertained, so that the proceeds from the sale under the deed of trust, in excess of such amount may be applied to other debts, it was not necessary to tender or offer to pay into court the amount of the indebtedness secured by the deed of trust which might be found due.</p>