Nichols v. Levins
Supreme Court of Iowa
Appeal from Dubuque District Court. Levins executed to Graves his promissory note for $5,750. The note was negotiable, and secured by a mortgage on certain real estate in the city of Dubuque. No consideration passed between Graves and Levins, the object being, as is alleged, to enable Graves, by negotiating these securities, to raise money in the east for the benefit of Levins.
Read the full summary
Appeal from Dubuque District Court. Levins executed to Graves his promissory note for $5,750. The note was negotiable, and secured by a mortgage on certain real estate in the city of Dubuque. No consideration passed between Graves and Levins, the object being, as is alleged, to enable Graves, by negotiating these securities, to raise money in the east for the benefit of Levins. Graves sold the note and mortgage, in Boston, to plaintiff, for $4,887.50, and indorsed the note “ without recourse,” and assigned the mortgage in the same manner. The money was received by Graves and paid to Levins,…
1Opinion of the CourtWright, J.
'The cause was referred to Charles J. Rogers, Esq., as referee, who found and reported that the contract was usurious. This finding was confirmed, and judgment entered in accordance therewith.
Of the several propositions stated and ably elaborated by counsel for appellant, the following, found in Moncure v. Dermott, 13 Peters, 345, is as succinct a statement of what he claims as any other: “ The bona fide purchaser of a note or bond may take it at any rate of discount, without violating the statute of usury.” All that is said in Crane v. Hendricks, 7 Wend., 569; Shackleford v. Morris, 1 J. J.…
2Cases cited3 opinions
- Cram v. HendricksCourt for the Trial of Impeachments and Correction of Errors · 1831
- Moncure v. DermottSupreme Court of the United States · 1839
- Bacon v. LeeSupreme Court of Iowa · 1857
3Cited by1 opinion
- Burrows & Prettyman v. Cook & SargentSupreme Court of Iowa · 1864