Williams v. Storm
The Superior Court of New York City
The action was brought to recover against the defendant, Storm, as first endorser, the amount of five promissory notes, made by a corporation named the Empire Mills; dated December 10th, 1850, payable to the defendant or order six months after date, and amounting in the aggregate to $10,000. The second endorsers, the other .defendants, were the persons composing the mercantile firm of Austins & Spicer, and had suffered judgment to be taken against them by default.
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The action was brought to recover against the defendant, Storm, as first endorser, the amount of five promissory notes, made by a corporation named the Empire Mills; dated December 10th, 1850, payable to the defendant or order six months after date, and amounting in the aggregate to $10,000. The second endorsers, the other .defendants, were the persons composing the mercantile firm of Austins & Spicer, and had suffered judgment to be taken against them by default. The defence set up by Storm, in his answer, waS; that the notes were endorsed both by himself, and Austins & Spicer, at the…
1Opinion of the Court
By the Court.
It is plain that the notes were endorsed by Austins & Spicer, and also by Isaac T. Storm, the»defendant, for the accommodation of the Empire Mills. The notes were never owned by, nor in the possession of either of the endorsers. They continued in the possession, and to be the property of the makers, until they were negotiated to Wright & Titus, at a discount, greater than at the rate of seven per cent, per annum. The discount, at such rates, of notes having no previous legal *57inception, or validity, renders them, usurious and void. (Aely v. Rapelye et al., 1 Hill, 9.) The fact…
2Cited by5 opinions
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- Hall v. EarnestNew York Supreme Court · 1861
- Connor & Walker v. Donnell, Lawson & Co.Texas Supreme Court · 1881
- Cassebeer v. KalbfleischNew York Supreme Court · 1877
- Cleaden v. WebbSuperior Court of Delaware · 1873