Morgan v. Schermerhorn
New York Court of Chancery
The complainant being embarrassed with debts and executions, applied to the defendant for a loan of $800. The defendant refused to lend him the money unless he would consent to purchase from him 124 acres of wild land, in the north part of Montgomery County, for the sum of $550. The complainant „at first hesitated, but finally consented to take the loan on these terms.
Read the full summary
The complainant being embarrassed with debts and executions, applied to the defendant for a loan of $800. The defendant refused to lend him the money unless he would consent to purchase from him 124 acres of wild land, in the north part of Montgomery County, for the sum of $550. The complainant „at first hesitated, but finally consented to take the loan on these terms. He gave to the defendant a bond and mortgage for $1,350, payable in twelve yearly instalments, with interest to be paid annually. In 1828, the defendant commenced a suit against the complainant upon the bond, and also…
1Opinion of the Court
The Chancellor :—The objection that the complainant has not brought into court the amount admitted to be due *547with legal interest, cannot be received in this stage of the cause. As a general rule a party who comes here to seek relief against an usurious contract, must pay or offer to pay the amount actually due, before he will be entitled to an injunction, or to answer as to the alleged usury. But if he answers the bill without mating any objection on that ground, the court will not afterwards dissolve the injunction, if it appears there is usury, and if the defendant is then willing to pay…
2Cited by13 opinions
- Farmers' Loan & Trust Co. v. Denver, L. & G. R.Court of Appeals for the Eighth Circuit · 1903
- Williams v. . FitzhughNew York Court of Appeals · 1868
- Bishop v. Exchange BankSupreme Court of Georgia · 1902
- Charles A. Riley Co. v. W. T. Sears & Co.Supreme Court of North Carolina · 1911
- Janes v. FeltonWest Virginia Supreme Court · 1925
8 more not listed; retrieve them via the Exa API.