A Treatise on the Law of Usury, And, Incidentally, of Interest

A Treatise on the Law of Usury, And, Incidentally, of Interest

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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. 1899 edition. Excerpt: ...defendant had fut'merly conveyed the land to one to secure a debt, could not alfect a deed which defendant procured this one to make to plaintiff to indemnify him for standing security for defendant upon a note to a fourth person for borrowed money. In Tullle v. Clark," a sheritfhaving demanded payment of an execution in his hands against the defendant, which was nearly out, the defendant made his promissory note payable to the order of a third person, and by him indorsed in blank, and delivered it to the sherilf, contracting with him, that if the defendant should not pay the execution in ten days it might be sold in market, or otherwise disposed of, and the avails applied in payment of the execution. After the expiration of ten days the execution remaining unpaid, the sherifi delivered the note, in the state in which he received it, to the plaintifls, on their advancing to him a sum of money less than the face of the note, by more than the legal interest for the time the note had to run. It was held, that the note so received by the sheriff, was in security of the execution; that he had an interest in it, coupled with a power to sell; and that consequently, it was an effective instrument in his hands, and not being usurious in its original concoction, it did not become so, by the subsequent sale to the plaintiffs. The converse of this rule is likewise true, for, as above 9911, ' if the original contract is usurious, all subsequent agreements based upon it are tainted with the same usury. A collateral security must abide the fate of the principal debt to secure which it was given. If the principal debt was void for usury, then all collateral securities and subsequent agreements concerning it, are void.' Where an...
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Product details

  • Paperback | 210 pages
  • 189 x 246 x 11mm | 386g
  • United States
  • English
  • black & white illustrations
  • 123674182X
  • 9781236741820