Page:Federal Reporter, 1st Series, Volume 6.djvu/221

 LATBOBE V. HULBEBT. 209 �Latrobe V. HuLBBBT, Executor, etc.* {Circuit Oowt, S. D. Ohio. , 1881.) �1. Ihtbebst— Ohio— Lboal Ratb— 1863 t6 1869— Paymbnts in Excbss. �In Ohio, from April, 1863, to October 1, 1869, 6 per cent, was the Mghest rate of interest that could legally be contracted for, and ail payments in exeess of that rate were to be deemed as payments upon the principal, and judgment could be rendered only for the balance. �2. UsuBY— BsTOPPBL TO Plead— Rbleasb op Mobtgage Becuritt. �A loan, secured by mortgage upon the borrower's property, was made in 1863. An usurious rate of interest was contracted for and paid until 1876. At that time, in order to perfect a sale of a portion of the property mortgaged, the mortgagee released his mortgage upon such portion, in consideration of the payment of aU interest then due and half of the principal debt. There was no evidence that the arrangement was made in settlement of the previous usuiy, and the property remaining was more than sufflcient to satisfy the bal- ance of the debt EM, that the mortgagor was not estopped to set up the usuiy. �8. Same— Lbx Oontbactus. �Whether a contract is usurious, Is to be de'ermined by the law in force at the time of the making of such contract. �4. USDBIOUS CONTBACT — SUBSEQUENT IiAV. �At the time of the execution of the contract, the rate of interest stipulated for therein— 8 per cent.— was usurious. Subsequently a law was passed which pennitted persons to stipulate for that rate, EM, that payments of interest thereafter, made in f ulfllment of such previous contract, were usoTioua. �5. UsuBT- FicTiTioTJS Pbincipal. �Where the interest paid, 's in exeess of the legal rate upon the amount actually due at the time of payment, it is usurious. �In Bquity. �Lincoln, Stephens e Slattery, for complainant. �Dwbin Word and Jordan d Bettman, for respondent. �Swing, D. J. From the pleadings and evidence in this case it appears that on the tenth day of April, 1863, John W. Coleman borrowed of the complainant, John H. B. La- trobe, the sum of $25,000 for a period of five years, at 8 per �•Reported by Messrs. Florien Glauque and J. 0. Harper, of the Cincin- nati bar. �v.6,no.3— 14 ��� �