Cobb v. Titus

Where two person exchange notes with each other for equal amounts, for the purpose of raising money by a sale of the notes, each note is a valid consideration for the other, and a sale of either, at a discount greater than seven per cent., does not render it usurious in the hands of the purchaser.

(S. C., 13 Barb. 45; 10 N. Y. 198.)