A Treatise on the Law of Personal Property Volume 1

A Treatise on the Law of Personal Property Volume 1

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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. 1896 edition. Excerpt: ...a judgment creditor who has acquired a legal lien upon the property encumbered by the usurious security. And we need hardly add that a lender cannot avoid his own usurious contract on the ground of his own usury.1 Privies in law of the debtor, as the assignee in bankruptcy or the sheriff in execution, may usually, it would appear, set up the plea of usury against his unpaid debts; though not so as to recover illegal interest which the debtor has already paid.2 A surety of the borrower in the usurious contract, who has not been repaid, and whose conduct has been honest, is entitled to the defence of usury; also bail of the borrower; also a joint obligor.8 But where B. borrows from A., and gives him two bonds, on one of which C. is surety, and afterwards pays the other bond on which usurious interest was reserved, C. cannot avail himself of the payment of such usurious interest in defence of an action on the bond in which he is surety.4 And if a surety to a usurious contract pays usurious interest, knowing it to be such, he cannot recover it again from his principal.6 A usurious contract giving the principal debtor indulgence in payment will not discharge his surety, though carried out afterwards, if the law makes such contracts illegal and void.6 Where an executor or administrator loans the money of his intestate at a usurious rate of interest, the debtor may make the same defence as if the money had belonged to the administrator as an individual.7 Fiduciary officers of this character are responsible, as such, for usury received by the deceased in his lifetime; but it seems certain that they can 1 Riley v. Gregg, 16 Wis. 668; Car-Palmer, 13 Ind. 457; Kirkpatrick v. ter v. Dennison, 7 Gill, 157. Wherritt, 7 B. Monr. 388; Safford a See Morse...show more

Product details

  • Paperback | 330 pages
  • 189 x 246 x 18mm | 590g
  • Rarebooksclub.com
  • United States
  • English
  • black & white illustrations
  • 1236838920
  • 9781236838926