Payne v. Freer
New York Supreme Court
Appeal from a judgment entered at the Schuyler County Special Term dismissing the plaintiff’s complaint. The action was brought to foreclose a mortgage executed by George G. Freer and wife to Josiah D. Payne, as trustee for the Schuyler County Bank. The mortgage was given to secure the payment of $52,383, and was intended as a security for the payment of certain moneys due from said Freer to said bank. This action was tried before the court without a jury.
Read the full summary
Appeal from a judgment entered at the Schuyler County Special Term dismissing the plaintiff’s complaint. The action was brought to foreclose a mortgage executed by George G. Freer and wife to Josiah D. Payne, as trustee for the Schuyler County Bank. The mortgage was given to secure the payment of $52,383, and was intended as a security for the payment of certain moneys due from said Freer to said bank. This action was tried before the court without a jury. The court found, among other things, that on or about the 20th of March, 1813, George G. Freer, Josiah D. Payne and William M. Pellet…
1Opinion of the Court
Bockbs, J.:
The learned judge before whom this cause was tried found and decided as matter of law that the provision in the articles of copartnership, stipulating for tne payment or allowance of ten per cent to the partners respectively on the average of their overdrafts in their bank or partnership accounts, did not render the instrument void for usury. This decision was put' on the ground that an overdraft, within the meaning of the contract, was not a loan of money, but was an advancement out of the common funds, 'and the interest returned therefor was for the common benefit, and partook of…
2Cases cited3 opinions
- Mills v. Salisbury Building & Loan Ass'nSupreme Court of North Carolina · 1876
- Melville v. American Benefit Building Ass'nNew York Supreme Court · 1860
- Red Bank Mutual Building & Loan Ass'n v. PattersonNew Jersey Court of Chancery · 1876