Butterworth v. O'Brien
New York Supreme Court
Appeal from an order sustaining a demurrer to a complaint. The action was brought by the plaintiff, as receiver of the Island City Bank, to recover back money paid defendants for usurious interest within the year preceding.
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Appeal from an order sustaining a demurrer to a complaint. The action was brought by the plaintiff, as receiver of the Island City Bank, to recover back money paid defendants for usurious interest within the year preceding. The complaint set forth the appointment of the plaintiff as receiver; and alleged, that prior to his appointment, and within one year then past, the bank had paid, and the defendants had received, on the loan or forbearance of money by the defendants to the bank, the sum of ten thousand dollars in excess of interest over and above the legal rate of seven per cent., which…
1Opinion of the Court
By the Court.*—Hogeboom, J.
—This case presents the question whether a corporation may recover back usurious premiums paid by it on the loan or forbearance of money. It involves the construction of the act of 1850, which is as follows : “Ho corporation shall hereafter interpose the defence of usury in any action.” (Laws of 1850, ch. 172, sec. 1.) Our statute forbids any person or corporation, directly or indirectly, to take any greater sum than at the rate of seven per cent, per annum for *459the loan or forbearance of money (1 Rev. Stats., 771-2, sec. 1,2); and, as a consequence of, or penalty…
2Cited by6 opinions
- Rosa v. . ButterfieldNew York Court of Appeals · 1865
- Weeks v. CornwallNew York Supreme Court · 1887
- Sohmer Factors Corp. v. 278 Corp.Appellate Terms of the Supreme Court of New York · 1958
- Dilg v. Bank of United StatesAppellate Division of the Supreme Court of the State of New York · 1935
- Hungerford's Bank v. Postdam & Watertown RailroadNew York Supreme Court · 1859
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