Cram v. Hendricks
Court for the Trial of Impeachments and Correction of Errors
Error from the supreme court. Hendricks, as endorsee, sued Cram, as the endorser of two promissory notes, made by one Gomez. The notes amounted, together, to upwards of $3000; were given in September, 1825, payable four months after date. The consideration of the notes was rum sold by Cram to Gomez. About 3 months before the notes came to maturity, Cram, the payee, employed a broker to raise money for him upon the notes, and delivered them to him, endorsed in blank.
Read the full summary
Error from the supreme court. Hendricks, as endorsee, sued Cram, as the endorser of two promissory notes, made by one Gomez. The notes amounted, together, to upwards of $3000; were given in September, 1825, payable four months after date. The consideration of the notes was rum sold by Cram to Gomez. About 3 months before the notes came to maturity, Cram, the payee, employed a broker to raise money for him upon the notes, and delivered them to him, endorsed in blank. The broker applied to Hendricks, the father-in-law of the maker, to discount the notes, who cashed them, charging a discount of…
1Opinion of the Court
The following is the opinion which was delivered in the supreme court:
By the Court,
Sutherland, J.
It is admitted that the notes in question were given by Gomez to Cram for a quantity of rum sold by Cram to him, and that in the hands of Cram, the payee, (before they were discounted by the plaintiff) they were perfect and available notes, upon which he might have maintained an action against Gomez, the maker. The question then is, whether the discounting of these notes by the plaintiff, thus available in the hands of the payee, at a higher premium than the legal rate of interest, was an usurious…
2Cases cited4 opinions
- Lloyd v. ScottSupreme Court of the United States · 1830
- Gaither v. Farmers & Mechanics Bank of Georgetown Ex Rel. CorcorranSupreme Court of the United States · 1828
- Churchill v. SuterMassachusetts Supreme Judicial Court · 1808
- Rice v. MatherNew York Supreme Court · 1829
3Cited by53 opinions
- Oakley v. BoormanNew York Supreme Court · 1839
- Hunt v. AcreSupreme Court of Alabama · 1856
- Fellows v. . LongyorNew York Court of Appeals · 1883
- Bibb County Loan Ass'n v. RichardsSupreme Court of Georgia · 1857
- Truscott v. DavisNew York Supreme Court · 1848
48 more not listed; retrieve them via the Exa API.