Farmers & Mechanics' Bank of Genesee v. Joslyn
New York Court of Appeals
Appeal from the Supreme Court. The action was for tlie foreclosure of a mortgage to tlie Plaintiff, as a continuing security for the payment of all commercial papers then or thereafter to be held by tlie Plaintiff, on which Daniel M. Joslyn was liable, or might become .so at any subsequent period.
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Appeal from the Supreme Court. The action was for tlie foreclosure of a mortgage to tlie Plaintiff, as a continuing security for the payment of all commercial papers then or thereafter to be held by tlie Plaintiff, on which Daniel M. Joslyn was liable, or might become .so at any subsequent period. The complaint originally framed alleged his liability in the sum of $1,500, with interest, for which the Plaintiff held his note, bearing date the 24th of Dec., 1860, payable thirty days from date. The Defendants, other than William Joslyn, who disclaimed any interest in the mortgaged premises,…
1Opinion of the Court
Porter, J.-
-The judgment is in exact accordance with the legal rights of the parties. The Court refused to enforce the illegal agreement, and it also declined to permit its perversion to a f use injurious to the Plaintiff and beneficial to the Defendants, but to which the latter w'ere not entitled either in conscience or in law.
The infected contract did not absolve the mortgagor from bis antecedent obligation, nor did it impair the rights of the Plaintiff under a prior and valid agreement. It is true that the usurer is not permitted, at Ms own election, to allege an illegal act as a ground…
2Cases cited1 opinion
- Crane v. HubbelNew York Court of Chancery · 1839
3Cited by16 opinions
- Patterson v. . BirdsallNew York Court of Appeals · 1876
- Pence v. GarrisonIndiana Supreme Court · 1884
- Real Estate Trust Company v. . KeechNew York Court of Appeals · 1877
- Winsted Bank v. . WebbNew York Court of Appeals · 1868
- Hewlett v. . WoodNew York Court of Appeals · 1875
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