Mechanics' Bank v. Townsend
New York Supreme Court
THIS action was brought against the defendant as maker and indorser of two promissory notes made to his own order. The defendant alleged in his answer that the notes were made and indorsed by him and given to one Holley, a broker, to raise money upon: that Holley procured a loan from R. Sedgwick, upon the same, of $700, (the notes amounting to the sum of $1200,) at the usurious rate of two per cent per month; that no other consideration was ever paid by Sedgwick for either…
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THIS action was brought against the defendant as maker and indorser of two promissory notes made to his own order. The defendant alleged in his answer that the notes were made and indorsed by him and given to one Holley, a broker, to raise money upon: that Holley procured a loan from R. Sedgwick, upon the same, of $700, (the notes amounting to the sum of $1200,) at the usurious rate of two per cent per month; that no other consideration was ever paid by Sedgwick for either of said notes. On the trial bf the cause the defendant proved that the notes in suit were made by him and given to…
1Opinion of the Court
By the Court, Roosevelt, J.
The defendant Townsend is sued as maker, on two promissory notes. His defense is, that the notes were issued by him on a usurious consideration, and *575are therefore void even in the hands of a bona fide holder who may have discounted them at the lawful rate of seven per cent. To meet this objection, the plaintiffs, on the trial, introduced, in evidence two certificates signed by the defendant, and which, the jury in effect have found to have been given by him to accompany the notes, and to have been designed to represent that the notes were valid, (when in fact and to…
2Cases cited5 opinions
- Watson's Executors v. McLarenNew York Supreme Court · 1838
- Dowe v. SchuttNew York Supreme Court · 1846
- Holmes v. WilliamsNew York Court of Chancery · 1843
- Truscott v. DavisNew York Supreme Court · 1848
- Chamberlain v. TownsendNew York Supreme Court · 1858
3Cited by3 opinions
- State ex rel. State Bank v. HastingsWisconsin Supreme Court · 1862
- Schanz v. SotscheckAppellate Division of the Supreme Court of the State of New York · 1915
- Weyh v. . BoylanNew York Court of Appeals · 1881