Cole v. Savage
New York Court of Chancery
This was an appeal from a decree of the vice chancellor of the eighth circuit, allowing a general demurrer to the complainant’s bill for want of equity.
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This was an appeal from a decree of the vice chancellor of the eighth circuit, allowing a general demurrer to the complainant’s bill for want of equity. The allegations in the bill were in substance as follows : About the 1st of October, 1834, David S.- Cole borrowed of D. M. Chittenden, the defendant’s testator, $1700, upon an usurious agreement that for such loan Cole would deliver to him his bond and mortgage for the sum of $2700, payable in six annual payments, with annual interest, to be paid on the 1st of October in each year; and that if default was made in any of the payments, either…
1Opinion of the Court
The Chancellor.
Taking the allegations in this bill to be true, and for the purpose of deciding the questions arising upon this demurrer they must be presumed to be so, as they are sworn to upon the information and belief of the com*587plainant, this is a most gross and extortionate case of usury ; which usury is not only included in the bond and mortgage itself but also in the guaranty of the complainant, endorsed upon such bond and mortgage in October, 1837. For the guaranty is for the payment of the whole $2700, and interest thereon semi-annually from that time; although, there was less than…
2Cases cited1 opinion
- Jackson ex dem. Sternberg v. DominickNew York Supreme Court · 1817
3Cited by23 opinions
- Kay v. . WhittakerNew York Court of Appeals · 1871
- Morris v. FloydNew York Supreme Court · 1849
- Browne v. . VredenburghNew York Court of Appeals · 1870
- Williams v. . FitzhughNew York Court of Appeals · 1868
- Del Rubio v. DuchesneAppellate Division of the Supreme Court of the State of New York · 1954
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