Brackett v. . Barney
New York Court of Appeals
Action to foreclose a mortgage, bearing date June 22, 1854, executed by the defendants to the plaintiff to secure the payment of one thousand dollars, one half payable in three, and the other half in six years from the date of the mortgage, with annual interest; the mortgage having been given as collateral to the bond of Volney L. Barney, in the same terms with the mortgage, as to amount and time of payment.
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Action to foreclose a mortgage, bearing date June 22, 1854, executed by the defendants to the plaintiff to secure the payment of one thousand dollars, one half payable in three, and the other half in six years from the date of the mortgage, with annual interest; the mortgage having been given as collateral to the bond of Volney L. Barney, in the same terms with the mortgage, as to amount and time of payment. The defense set up by the answer was, that the bond and mortgage were given to secure a usurious loan, the terms of which were stated. The facts found by the referee before whom the cause…
1Opinion of the CourtSelden, J.
The principle that when a written contract has been entered into, as security for money loaned at a usurious rate of interest, such written contract is not only void, but is incapable of being made valid by any new agreement between the parties, has long been recognized impliedly at least, and in the dicta of judges as one of the established rules of law applicable to usurious contracts. (Comyn on Usury, 183; Blydenburgh on Usury, 91; Barnes v. Headley, 1 Camp. 157, 165 note; S.C. 2 Taunt. 184; Hammond v. Hopping, 13 Wend. 505; Miller v. Hull, 4 Denio, 104.) The soundness of the rule when…
2Cases cited7 opinions
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- Gilbert v. North American Fire InsuranceNew York Supreme Court · 1840
- Hammond v. HoppingNew York Supreme Court · 1835
- Miller v. HullNew York Supreme Court · 1847
- Graves v. . DudleyNew York Court of Appeals · 1859
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3Cited by35 opinions
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- McClung v. DearborneSupreme Court of Pennsylvania · 1890
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- Curry v. ColburnWisconsin Supreme Court · 1898
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