Reed v. Smith
New York Supreme Court
Case, upon verdict, subject to the opinion of the court, before his honor Mr. Justice Woodworth, Albany circuit, Oct. 3d, 1821, The action was assumpsit on a promissory note by E. x - - Reed, the last endorsee, against Smith, his- immediate endorser. The note was for $800, dated May 29, 1819, made by D. Parker, and endorsed by five several persons, The formal proceedings to charge the endorser being admitted, the only question was whether this note was usu"ius.
Read the full summary
Case, upon verdict, subject to the opinion of the court, before his honor Mr. Justice Woodworth, Albany circuit, Oct. 3d, 1821, The action was assumpsit on a promissory note by E. x - - Reed, the last endorsee, against Smith, his- immediate endorser. The note was for $800, dated May 29, 1819, made by D. Parker, and endorsed by five several persons, The formal proceedings to charge the endorser being admitted, the only question was whether this note was usu"ius. On this subject the proof was, that in April 1816, . , . - - t -i , .-i . maker, being pressed tor money, applied to the plain- / for…
1Opinion of the Court
* Curia per Sutherland, J.
The note upon which this suit is brought; is most clearly a continuation of the original nóte, given in April, 1816, when the loan was obtained by Parker. If that note, therefore, was given upon a usurious consideration, the taint which it imbibed attached to each of the series of securities which were subsequently taken, and affects and destroys the one in question.
It is admitted that Parker paid a premium of sevén per cent, upon1 the $800, over and above the legal interest. But it is contended on the part of the plaintiff, that the loan was made by Roswell Reed,…
2Cited by5 opinions
- Pickett v. Merchants' National BankSupreme Court of Arkansas · 1877
- First National Bank v. McCarthySouth Dakota Supreme Court · 1904
- Walker v. President of the Bank of WashingtonSupreme Court of the United States · 1844
- Willis v. Oregon Railway & Navigation Co.Oregon Supreme Court · 1884
- Kimball v. ProprietorsMassachusetts Supreme Judicial Court · 1855