Reports of Cases Heard and Determined in the Supreme Court of the State of New York Volume 21

Reports of Cases Heard and Determined in the Supreme Court of the State of New York Volume 21

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1878 edition. Excerpt: ...$600 in all. In an action to foreclose the $600 mortgage, brought by an assignee of Mrs. Bland, held, that the mortgage was valid, and that it could not be impeached on account of the usury in the original mortgage." APPEAL from a judgment of the Orleans County Court in favor of the plaintiff, entered upon the report of the referee. The action was brought to foreclose two mortgages. The defense was usury. SMITH, J.: It may be assumed from the uneontradicted testimony of the defendants, O'Brien and wife, that the $400 mortgage executed by them to Stanton was given for a usurious consideration. The mortgage was transferred by successive assignments from Stallton to Mrs. Bland, who paid full value for it, and took it without notice that it was usurious. Subsequently, as the referee found, the defendants paid and took up the Stanton mortgage by executing to Mrs. Bland a new mortgage for $600, the consideration of which was the amount then due upon the Stanton mortgage, and, in addition thereto, a sum of money advanced by Mrs. Bland to the O'Briens sutficient to make the sum of $600 in all. The latter mortgage was assigned by Mrs. Bland to the plaintiff, and is one of the mortg ves in suit. l The referee held that Mrs. Bland having purchased the Stan ton mortgage without notice of the usury, and having paid full value for it, the new mortgage taken by her and for which she paid an additional consideration is not affected by the usurious character of the Stanton mortgage. That ruling presents the principal question m the case. If a security is tainted with usury in its creation the same security is void, even in the hands of a bona ficle holder. (Thompson v. Berry, 3 Johns. Ch., 395; S. C. affid., 17 id., 436.) Any more

Product details

  • Paperback | 290 pages
  • 189 x 246 x 15mm | 522g
  • United States
  • English
  • black & white illustrations
  • 1236753372
  • 9781236753373