New York Firemen Insurance v. Ely
New York Supreme Court
Assumpsit against the defendants as first endorsers of a promissory note, drawn by Sturges & Sherman in favor of the defendants, and endorsed by them and Bennet, Cady & Co. The note was dated 6th July, 1819, payable ninety days after date, for 3450 dollars.
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Assumpsit against the defendants as first endorsers of a promissory note, drawn by Sturges & Sherman in favor of the defendants, and endorsed by them and Bennet, Cady & Co. The note was dated 6th July, 1819, payable ninety days after date, for 3450 dollars. The cause was tried before his honor, (the late) Chief Justice Spencer, at the sittings in New York, the 15th June, 1821. William M’Neil, a witness for the plaintiffs, proved the hand-writing of the drawers and of both the endorsers, and also that there had been a payment on the note of 500 dollars, and that the amount which would be due…
1Opinion of the CourtSutherland, J.
The plaintiffs’ right of recovery is resisted on three grounds:
1. That the note on which the suit is brought was discounted by the plaintiffs ; that they had no right to discount notes; and that this note is therefore void.
2. That it was usurious, from the circumstance of the discount, or interest, having been taken in advance.
3. That it was usurious, in consequence of the manner in which the discount, or interest, was calculated.
The discounting of notes is only lending money, and taking notes in payment. Is the power of lending money upon notes either expressly given to this company, or…
2Cases cited5 opinions
- People ex rel. Attorney General v. Utica InsuranceNew York Supreme Court · 1818
- Utica Insurance v. ScottNew York Supreme Court · 1821
- Storer v. LoganMassachusetts Supreme Judicial Court · 1812
- President & Directors of Manhattan Co. v. OsgoodNew York Supreme Court · 1818
- Dunham v. GouldNew York Supreme Court · 1819
3Cited by39 opinions
- Pratt v. . ShortNew York Court of Appeals · 1880
- Patton v. Bank of LaFayetteSupreme Court of Georgia · 1906
- Perkins v. . SmithNew York Court of Appeals · 1889
- Scott v. DepeysterNew York Court of Chancery · 1832
- Blair v. Perpetual InsuranceSupreme Court of Missouri · 1847
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