New York Security & Trust Co. v. Davis
Court of Appeals of Maryland
Appeal from an order of the Circuit Court for Howard County (Jones, C. J.) i. The mortgage debt was a contract which, according to the intent and expectation of the parties thereto, was to be performed in the State of New York. In such case the validity of the contract must be determined by the laws of that State. The legal rate of interest in New York was 7 per cent, and therefore the contract was not usurious.
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Appeal from an order of the Circuit Court for Howard County (Jones, C. J.) i. The mortgage debt was a contract which, according to the intent and expectation of the parties thereto, was to be performed in the State of New York. In such case the validity of the contract must be determined by the laws of that State. The legal rate of interest in New York was 7 per cent, and therefore the contract was not usurious. While the rule is, that the validity of a contract is to be determined by the law of the place where it is made, yet, where it appears that the contract, while made in one place, was…
1Opinion of the CourtBriscoe, J.
This proceeding was instituted in the Circuit Court for Howard County, sitting in equity, to- foreclose a mortgage dated the 10th day of March, 1871, to secure a loan of $11,000, and executed by William Davis and others, defendants, to Caroline E. Parks, of the State of New York, execu trix of Charles E. Parks, the predecessor in the trust, of the appellants.
The defendants answered the bill and on the 20th of February, 1 goo, upon the written assent of the defendants, a decree was passed directing the mortgaged property to be sold, and the money arising on the sale to be brought into and to…
2Cases cited6 opinions
- Scott v. LearyCourt of Appeals of Maryland · 1871
- Boyd v. McCannCourt of Appeals of Maryland · 1856
- Bandel v. IsaacCourt of Appeals of Maryland · 1859
- Goldsmith's Adm'r v. TillyGeneral Court of Virginia · 1802
- West v. BeanesCourt of Appeals of Maryland · 1815
1 more not listed; retrieve them via the Exa API.
3Cited by5 opinions
- Kronovet v. LipchinCourt of Appeals of Maryland · 1980
- Gladwin State Bank v. DowMichigan Supreme Court · 1920
- Bombolaski v. First National BankIndiana Court of Appeals · 1913
- Ehrhart v. Preferred Building & Loan Ass'nCourt of Appeals of Maryland · 1929
- Lovett v. Calvert Mortgage & Deposit Co.Court of Appeals of Maryland · 1907