Nantz v. Hurst

Decided October 26, 1915

Court of Appeals of Kentucky · decided 1915-10-26

<p>Contracts- — Interest on Purchase of Land — When Not Usurious.— Where, on a purchase of land, the vendee agrees to pay as part of the purchase price a rate of interest on deferred payments-exceeding the legal rate, the contract is not usurious.</p>

Cited by 2 later decisions — most recently February 1949

2 state decisions

Good law ✅— No negative treatment on recordhow we know

Decided 1915-10-26

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¶1Opinion op the Court by

Judge Nunn

¶2Reversing.

¶3In this action to recover on a note executed in consideration for a conveyance of land, and to enforce a. purchase money lien for the payment thereof, the court-erred in adjudging that the stipulated interest in excess of 6% was usurious. In the meaning of the statute it was. *397not a transaction for the loan or forbearance of money. Gruell v. Smalley, 1 Duvall, 358; Tousey v. Robinson, 1 Met., 663; Eddy v. Northup, 15 Ky. L. R., 434 ; 23 S. W., 3531; McCann’s Exr. v. Bell, 79 Ky., 113; Watts v. National Building & Loan Assn., 102 Ky., 29 Berry v. Walker, 9 B. Mon., 464.

¶4The judgment is reversed with directions to enter judgment for the amount of the-note and interest suedL on, and enforce the lien on the land described in the; judgment.