Colton v. Dunham & Wadsworth
New York Court of Chancery
. ■ Ikt December, 1824, the complainant was the owner of the brig Ortolan, and was about to proceed on a voyage from New-York to Rio Grande. Being short of funds" to complete the cargo of his brig, he applied to the defendants who were merchants in New-York, to assist him in completing the cargo, and proposed that they should advance $3000, "and become interested with him in the profits of the cargo' to that extent.
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. ■ Ikt December, 1824, the complainant was the owner of the brig Ortolan, and was about to proceed on a voyage from New-York to Rio Grande. Being short of funds" to complete the cargo of his brig, he applied to the defendants who were merchants in New-York, to assist him in completing the cargo, and proposed that they should advance $3000, "and become interested with him in the profits of the cargo' to that extent. The defendants finally agreed to make the advance of $3000, which was^ to be repaid by the complainant at Rio Grande, with addition of 20 per centum thereon by being invested in…
1Opinion of the Court
The Chancellor.
It is admitted by the coúnsel for both parties that there must be a reference to state the accounts ■ between them ; but the court is at this time called upon to • decide certain questions" arising out- of the pleadings and proofs, by way of special directions to the master, settling the principles on which the accounts are to be stated. On the part" of the. complainant it is insisted, l.:Thát the agree-' ■ment to pay 20 per centum on the advances was illegal and usurious ; and that if it was not usurious, it was unconscientious and oppressive, and ought not to be enforced ; 2.…
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