Southern Life Insurance and Tr. Co. v. . Packer Prentice
New York Court of Appeals
Appeal from the Supreme Court. In 1846 the Southern Life Insurance and Trust Company, a corporation created under the laws of Florida, filed a bill in the late Court of Chancery, for the purpose of procuring an account and restitution of the proceeds of certain securities which its president had assigned, in 1840 and 1841, to the defendants in the city of New-York, upon usurious loans' obtained from them for the benefit of the corporation.
Read the full summary
Appeal from the Supreme Court. In 1846 the Southern Life Insurance and Trust Company, a corporation created under the laws of Florida, filed a bill in the late Court of Chancery, for the purpose of procuring an account and restitution of the proceeds of certain securities which its president had assigned, in 1840 and 1841, to the defendants in the city of New-York, upon usurious loans' obtained from them for the benefit of the corporation. Upon the dissolution of the Court of Chancery the cause was sent to a referee for trial. He reported that some of the transactions were usurious, and…
1Opinion of the CourtPratt, J.
Two questions are raised: First. Was the act of 1850 prohibiting corporations from setting up the defence of usury retrospective; Secondly. Does it apply to foreign corporations ?
Upon the first question I do not think the point an open one. The precise point, substantially as presented now, was presented in Leavitt v. Curtis (15 N. Y., 9), and was unanimously decided against the position now contended for on behalf of the plaintiffs. It is true that it was not absolutely necessary to the decision in that case that this point should have been passed upon, yet it seems to have received a very…
2Cases cited1 opinion
- Curtis and Others v. . LeavittNew York Court of Appeals · 1857
3Cited by13 opinions
- Rosa v. . ButterfieldNew York Court of Appeals · 1865
- Davidson Oil Country Supply Co., Inc. v. Klockner, Inc.Court of Appeals for the Fifth Circuit · 1990
- Country Motors, Inc. v. Friendly Finance Corp.Wisconsin Supreme Court · 1961
- Matlack Properties, Inc. v. Citizens & Southern National BankSupreme Court of Florida · 1935
- macQouid v. EstatesAppellate Division of the Supreme Court of the State of New York · 1911
8 more not listed; retrieve them via the Exa API.