THE PORTER INTERESTS OF FLORIDA, INC., ET AL., APPELLANTS,
v.
MISSOURI STATE LIFE INSURANCE COMPANY, A CORPORATION OF ST. LOUIS, MISSOURI, APPELLEE

Fla. | 1932-05-21
105 Fla. 550 Florida Supreme Court (1932) Positive Treatment
Also reported at: 141 So. 741
Cited by 9 cases

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Synopsis

The Porter Interests of Florida appeals from a final decree foreclosing a mortgage held by Missouri State Life Insurance Company. The Florida Supreme Court affirms the lower court's decree, rejecting arguments regarding attorney's fees, the amount decreed, and allegations of usury.


Holding

The court affirmed the decree, holding that the mortgage and notes are enforceable and not void for usury under Missouri or Florida law. The attorney's fees of $2,000 were reasonable and properly awarded based on the mortgage's express provision for such fees. The motion to amend the decree after appeal was properly denied as to substantive modifications.


Key Quotes

“The notes were made payable in the State of Missouri and the Chancellor applied the usury laws of Missouri.”

Establishes that the court properly applied Missouri law to obligations payable in that state, consistent with prior Florida precedent.

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Facts & Procedural History

Missouri State Life Insurance Company held a mortgage on real estate owned by Porter Interests of Florida for $128,277.43 plus interest and costs. The…

The full statement of facts, procedural history, and disposition for this case are member content.

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Opinion of the Court
Per Curiam.

Per Curiam.

This appeal is taken by the defendants below from a final decree for the complainant in foreclosing a mortgage upon real estate. The errors assigned and argued are: in allowing attorneys fees to the complainant; in the amounts decreed to the complainant and in not holding the mortgage void when usury is shown; in denying a motion to amend the final decree after the appeal was taken. The Court did amend the final decree after the appeal was entered but as the Court states the amendments allowed “are mere recitals of the Court’s findings in reaching the decree.” A requested amendment of substance to exclude a portion of the lands from the foreclosure decree, was properly denied after the appeal was taken. Even if the inclusion of the lands sought by the motion to be excluded from the decree, had specifically *552been assigned as error, it is not shown that sneh inclusion was error.

The bill of complaint alleges that there is due your orator by the defendant, the Porter Interests of Florida, $128,277.43 with interests and costs and expenses of this proceeding, including an attorney’s fee to the solicitor of complainant foreclosing of $15.00 and ten per cent, of the amount of the mortgage indebtedness and

“That your orator has been compelled to employ and has employed an attorney to foreclose the said mortgage and has incurred the obligation of the fee for said attorney, which said fee is secured by the lien of the said mo'rtgage and is to be included in the amount decreed upon foreclosure.”

The mortgage made a part of the bill of complaint contains the following:

“And the said Mortgagor covenants and agrees that if a foreclosure of this mortgage be had, or a suit to foreclose the same shall be rightfully begun, it will pay all costs and expenses of such suit, including an attorney’s fee, to the attorney of the eoinplainant foreclosing, of fifteen ($15.00) dollars and ten per cent, upon the amount due to the complainant as fixed by the decree in the foreclosure suit or by agreement before decree, which costs and fees shall be included in the lien o’f this mortgage and in the sum decreed upon foreclosure. ’ ’

The notes contain the following:

‘ ‘ In case this note is placed in the hands of an Atto'rney for suit or collection after maturity, whether by lapse of time or by default, I agree to pay all cost and attorney’s fees of ten per cent, upon same.”

TFe allegations of the bill of complaint and the reference therein to the mortgage made a part of the bill of complaint, afford a sufficient basis for the evidence as to a proper attorney fee. Williams v. Dunn, decided this term. The Court in the decree adjudicates that it,

“appearing to the Court that the Complainant has incurred the obligation of paying to its solicitor the sum of *553$2,000.00 as Solicitor’s fees for his services in this cause winch said sum the Court finds to be a reasonable Solicitor’s fee to be allowed the Solicitor for complainant.”

and allows $2000.00 for attorneys fees, which is reasonable, the decree being fot more than $100,000.00.

The notes were made payable in the State of Missouri and the Chancellor applied the usury laws of Missouri. See Thompson v. Kyle, 39 Fla. 582, 23 So. 12, 63 Am. St. Rep. 193. See also notes to 62 L. R. A. 33. Of this the defendant corporation cannot complain even though it was incorporated in Florida prior to the enactment of the statute which provides that “no corporation shall interpose the defense of usury in any action in any Court in this State,” Section 60, Chapter 10096, Acts of 1925; Section 6586, Compiled General Laws, 1927. The notes and mortgage are not void for usury under the laws of Missouri or Florida. The usury does not amount to 25% per annum on the amount actually loaned for the period of the loan and the Missouri law applied by the Chancellor causes forfeiture of interest by applying payments and charges to reductions of the amount of the principal loaned. The amount decreed to the mortgagee is not shown to violate the Florida usury statute.

Affirmed.

Buford, C.J., and Whitfield, Ellis, Terrell, Brown and Davis, J.J., concur.


Cases With Similar Vibessemantic neighbors from the corpus


Citator

Cited By

  • …544, 136 Sou. Rep. 886; Joudon v. Equitable Life Assurance Society, 102 Fla. 782, 136 Sou. Rep. 517; Hagan v. Neeb, 105 Fla. 297, 140 Sou. Rep. 916; Williams v. Dunn, 105 Fla. 327, 141 Sou. Rep. 190; Porter Interests v. Missouri State Life Ins. Co., 105 Fla. 550, 141 Sou. Rep. 741; Brush v. Barnett Natl. Bank, 110 Fla. 459, 140 Sou. Rep. 57; Ceraola v. Smith, 112 Fla. 399, 150 Sou. Rep. 611. The allowance of compensation to the Atlantic National Bank of Jacksonville for its services as trustee have not bee…
  • …e in the nature of a penalty for mere non payment. See: Flournoy v. Smith, 84 Fla. 553, 94 Sou. Rep. 503; Brett v. First National Bank, 97 Fla. 284, 120 Sou. Rep. 554; Burns v. Harrison, 100 Fla. 1105, 131 Sou. Rep. 654; Porter v. Mo. Life Ins. Co., 105 Fla. 550, 141 Sou. Rep. 741. The other propositions argued on the appeal have been duly considered but no special discussion of them is deemed necessary. There is nothing in the statutes relating to the payment of claims against the estate of an intestate u…
  • …s v. King, 13 Fla. 451. Thompson v. Kyle, 39 Fla. 582, 23 So. 12, seems to be the only strong authority that the law of the place of making and performance determines whether a contract is usurious. Porter Interests v. Missouri State Life Ins. Co., 105 Fla. 550, 141 So. 741, is silent on the point; the statement in Mackey v. Thompson, 153 Fla. 210, 14 So. 2d 571, 573, that lex loci contractus generally applies, is obiter. We do not think that the Florida Supreme Court would now follow Thompson v. Kyle, su…

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