Utica Insurance v. Tilman
New York Supreme Court
This was an action of assumpsit against the maker of two promissory notes; one for the sum of $800, and the other for the sum of $2000 ; the first payable in 30, the second in 60 days after date.
Read the full summary
This was an action of assumpsit against the maker of two promissory notes; one for the sum of $800, and the other for the sum of $2000 ; the first payable in 30, the second in 60 days after date. The defence set up at the trial, and itrged on the argument of the case, was usury, the evidence in relation to which was as follows: A witness for the defendant testified, that he had examined the account of the defendant in the books of the plaintiffs; that, from that account, it appeared that the interest taken by the plaintiffs on the $800 dollar note, was $5,13, and on the $2000 note, $24,50;…
1Opinion of the Court
By the Court,
Sutherland, J.
The principal question raised upon the argument of this case was, whether the evidence was sufficient to show that the notes were usurious on the ground of the interest having been calculated and retained upon the principle of 360 days being a year. It was sufficient prima facie to establish the usury. In the first place, the fact that more than seven per cent, was taken was proved ; and to repel any presumption which might be indulged that it was taken unintentionally or by mistake, the uniform custom of the company to compute interest upon a principle *557which would…
2Cited by15 opinions
- Welland Canal Co. v. HathawayNew York Supreme Court · 1832
- People v. Rensselaer & Saratoga Rail RoadNew York Supreme Court · 1836
- President of the Bank of Alabama v. SimontonTexas Supreme Court · 1847
- State v. AshleySupreme Court of Arkansas · 1839
- McFarlan v. Triton InsuranceNew York Supreme Court · 1847
10 more not listed; retrieve them via the Exa API.