Thornton v. Dean

Citations

• 19 S.C. 583
• 1883 S.C. LEXIS 117

Syllabus

<p>1. A penalty, under the laws of North Carolina, of double the amount of interest paid on a usurious contract, cannot be enforced by the courts of this State.</p> <p>2. .An executrix may sue in the courts of this State, letters testamentary having been here issued to her on the proof of a will under an exemplification of the proceedings from the proper office in North Carolina, where the original will was duly admitted to probate.</p> <p>3. A note given in South Carolina, payable in North Carolina, secured by a mortgage of lands in this State, with a stipulated rate of interest which - was usurious by the laws of North Carolina, but not usurious in South Carolina under the then existing law, may be enforced in the courts of this State according to the terms of the contract.</p> <p>4. The mere fact that payment was stipulated to be made in North Carolina, does not raise a conclusive presumption that the contract was made with reference to the laws of that State.</p> <p>5. If a contract be entered into in one place to be performed in another, the parties may stipulate for the rate of interest of either country; if the contract stipulate generally for interest without fixing the rate, it should be the rate of interest at the place of payment; if no interest be stipulated, and payment be not made, interest by way of damages is according to the law of the place of payment. Peek v. Mayo, 14 Vt. 33, approved.</p> <p>6. In selling land for foreclosure, only so much should be sold as is necessary to pay the debt and costs, and it should be sold in such parcels as will secure the best price.</p>