Melville v. American Benefit Building Ass'n
New York Supreme Court
THIS action was brought by the plaintiff for the purpose of having certain agreements, made between him and the defendant, The American Benefit Building Association, and several mortgages executed by him to the association in pursuance of such agreements, adjudged to be void as being usurious, and to be delivered up and canceled; and for a judgment directing the money which the plaintiff has paid ujDon such agreements and mortgages, to be repaid to him with interest.
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THIS action was brought by the plaintiff for the purpose of having certain agreements, made between him and the defendant, The American Benefit Building Association, and several mortgages executed by him to the association in pursuance of such agreements, adjudged to be void as being usurious, and to be delivered up and canceled; and for a judgment directing the money which the plaintiff has paid ujDon such agreements and mortgages, to be repaid to him with interest. In June, 1849, the plaintiff became a member of an unincorporated association, formed March, 1849, called “ The American…
1Opinion of the CourtMitchell, J.
“ This action is hy a mortgagee, to have several mortgages given by him cancelled as usurious and void. One of the mortgages is a fair sample of the others. The plaintiff borrowed $1985, and agreed to pay $35 a month until each share of the association should he worth $600, and in case of default in making any monthly payment, then to pay the further sum of $2.25 for the first month, $2.50 for the second month, $3.75 for the third, and $5 for the fourth month, and for each succeeding month. At the time each share was estimated at about $193. If the plaintiff were charged simple interest on…
2Cited by4 opinions
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