Ayer v. Tilden
Massachusetts Supreme Judicial Court
Action of contract upon this promissory note, made and indorsed by the defendants : “ $ 670.81. New Lebanon, 20th June 1857. Six months after date we promise to pay to the order of ourselves six hundred and seventy dollars and eighty one cents, value received, at Bank of America, N. Y. Tilden & Co.” The parties stated the following case, upon which the superior court in Middlesex gave judgment for the defendants, and the plaintiffs appealed.
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Action of contract upon this promissory note, made and indorsed by the defendants : “ $ 670.81. New Lebanon, 20th June 1857. Six months after date we promise to pay to the order of ourselves six hundred and seventy dollars and eighty one cents, value received, at Bank of America, N. Y. Tilden & Co.” The parties stated the following case, upon which the superior court in Middlesex gave judgment for the defendants, and the plaintiffs appealed. The defendants, a firm at New Lebanon in the State of New York, made and indorsed the note, and delivered it to Frederick S. Bogue as their agent, to be…
1Opinion of the CourtHoar, J.
This note was a contract made and to be performed within the State of New York; and its obligation and effect must therefore be determined by the laws of that State. Dunscomb v. Bunker, 2 Met. 8.
That a contract tainted with usury in its inception is void as against the maker, even in the hands of a bona fide holder, for a full consideration, and without notice of the usury, is unquestionably the settled law of New York. It seems to be equally well settled that where the transaction is a sale of property, although the property sold be an obligation for the payment of money, it is not usurious.…
2Cases cited11 opinions
- Tevis v. YoungCourt of Appeals of Kentucky · 1858
- Munn v. President & Directors of Commission Co.New York Supreme Court · 1818
- Dowe v. SchuttNew York Supreme Court · 1846
- Cram v. HendricksCourt for the Trial of Impeachments and Correction of Errors · 1831
- Gelston v. HoytSupreme Court of the United States · 1818
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3Cited by1 opinion
- Morris v. Watsco, Inc.Massachusetts Supreme Judicial Court · 1982