Bank of New York & Trust Co. v. Snedeker

Plaintiffs, as committee of an incompetent, seek a declaratory judgment establishing their right to collect interest on a loan made by the incompetent to the defendant, and for personal judgment against the defendant in the amount of the arrears of interest.

*127Frank Hall, an incompetent, in January, 1931, orally agreed to lend the defendant the sum of $234,000 to enable him to buy a seat on the New York Stock Exchange. Interest was fixed at the rate of six per cent per annum and was to be paid on the fifteenth day of each and every month. The oral understanding between the parties was thereafter…