MERONEY v. B. AND L. ASSOCIATION

Usury — Conflict of Laws — Mortgage — Injunction.

1. A contract, if made payable in another State to avoid the usury laws in this State, will be adjudged usurious, whatever may be the law of that State.

2. Where, in an action to redeem a mortgage on realty under which the trustee has advertised the land for sale, the complaint alleges that the contract, to secure which the mortgage was given, is usurious and was made payable in another State to avoid the usury laws of this State, there is a "serious issue" between the parties which entitles the plaintiff to an order restraining the sale until the hearing.

PER CURIAM.

If it is true, as the plaintiff alleges, that the contract set out in the complaint was made payable in the State of Georgia to avoid the usury laws of this State, that contract will be adjudged to be usurious, whatever may be the law of that State. There is, therefore, a "serious issue" between the parties which, under the rule established by Whitaker v. Hill, 96 N.C. 2; Harrison v. Bray, 92 N.C. 488, and Davis v. Lassiter, ante, 128, entitles the plaintiff to have the restraining order continued in force to the hearing.

AFFIRMED.