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DE BUTTS V. BACON, 10 U. S. 252 (1810)

U.S. Supreme Court

De Butts v. Bacon, 10 U.S. 6 Cranch 252 252 (1810)

De Butts v. Bacon

10 U.S. (6 Cranch) 252




If an agent, who has, by permission of his principal, sold eight percent stock, applies the money to his own use, and being pressed for payment gives a mortgage to secure the payment of the amount of the stock with eight percent interest thereon, it is usury.

Error to the Circuit Court for the District of Columbia in a suit in chancery brought by Samuel De

Page 10 U. S. 253

Butts against James Bacon and others, the object of which was to foreclose a mortgage made by Bacon to De Butts. The condition of the mortgage was that if the defendant, Bacon, should pay to the complainant the interest of eight percent upon $1,000 of eight percent stock of the United States, loaned by the complainant to the defendant, and should further pay to the complainant "the said sum of $1,000," &c., the deed should be void.

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