Jones v. Stienbergh
New York Court of Chancery
The bill ill this cause was filed to foreclose, and obtain satisfaction of, a bond and mortgage for $3000, and interest, given by the defendant Stienbergh, to his co-defendants J. G. Fellers and George Fellers, and subsequently assigned by the mortgagees to the complainant, for the consideration of $2800 only; with a covenant, on the part of the assignors, that the whole $3000 and interest, secured by the bond and mortgage, should he paid to the assignee, when it became…
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The bill ill this cause was filed to foreclose, and obtain satisfaction of, a bond and mortgage for $3000, and interest, given by the defendant Stienbergh, to his co-defendants J. G. Fellers and George Fellers, and subsequently assigned by the mortgagees to the complainant, for the consideration of $2800 only; with a covenant, on the part of the assignors, that the whole $3000 and interest, secured by the bond and mortgage, should he paid to the assignee, when it became payable according to the condition of such bond and mortgage. The bill alleged that the mortgagor made default in the…
1Opinion of the Court
The Chancellor.
It is now settled, by the decision of the court of dernier resort, that a person who advances money upon the sale of a bond and mortgage, or other chose in action, may secure to himself the right to the absolute return of his money and legal interest thereon from the vendor, without the possibility of loss, and the contingent right to recover a much larger sum, from the person who is primarily liable for the payment of the bond and mortgage, or chose in action purchased, *252without violating the statute of usury. It therefore becomes necessary to determine the question, whether…
2Cases cited1 opinion
- Bristol v. MorganNew York Court of Chancery · 1837
3Cited by4 opinions
- Albany Exchange Savings Bank v. WinneNew York Supreme Court · 1938
- Jarman v. WiswallNew Jersey Court of Chancery · 1873
- Goldsmith v. BrownNew York Supreme Court · 1861
- Bunnel v. StoddardU.S. Circuit Court for the District of Southern Ohio · 1866