Turner v. Turner

Citations

• 80 Va. 379
• 1885 Va. LEXIS 76

Syllabus

<p>1. Usury — Judgmeiit.—Where an instrument on its face reserves more than the legal rate of interest, it is usurious in its inception, and judgment shall be rendered for the principal sum only, although the defendant may have filed no plea of usury. Acts 1874, ch. 122, sec. 8, p. 135.</p> <p>2. Idem — Borrower—Relief.—Where a borrower, who has paid no part of the principal, or usurious interest, comes into chancery under Code 1873, ch. 137, sec. 12, he must be required to pay only the principal sum loaned or forborne. Acts 1874, ch. 122, sec. 5.</p> <p>3. Idem — Payments—supplication.—■'Where payments have been made on the usurious contract, which are merely credited on the bond, and not applied specially, borrower is entitled to have such payments deducted from the principal sum loaned or forborne.</p> <p>4. Idem — Application of payments — Rule—Exception.—To the rule that the creditor may apply payments when the debtor does not, there is the well recognized exception that he cannot apply them to what is no legal or equitable demand against the payer,</p> <p>o. Idem — Quczre.—Whether or not the creditor can apply payments to usurious interest where debtor has made no application.</p>