Forbes v. Marsh
Superior Court of New Hampshire
This was an action of assumpsit upon a promissory note, made by the defendant, for $600, dated April 1, 1822, payable to one James Powers in one year, and by him endorsed to the plaintiff.
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This was an action of assumpsit upon a promissory note, made by the defendant, for $600, dated April 1, 1822, payable to one James Powers in one year, and by him endorsed to the plaintiff. The defendant filed a plea, in which he alleged, that, in pursuance of a corrupt agreement between him and the payee, more than lawful interest had been reserved in and by the note ; and he prayed a deduction of three times the amount of the sum thus unlawfully reserved, from the suin, that might be found lawfully due. and offered to verify his plea by his own oath, in pursuance of the statute. To this plea…
1Opinion of the Court
By Ike cauri.
We have decided, that in an action between the endorsee and the maker of a note, if it appear, that the note has been bona fide transferred to the endorsee, without notice of the usury, the maker cannot set up usury as a de-fence. 2 N. H. Rep. 410, Young vs. Berkley. We are aware, that this principle, when it becomes generally known, may be used by usurers to evade the statute. This however may be easily prevented, by throwing upon the endorsee, when a plea of usury is offered, the burthen of shewing, that ihe note has been bona fide transferred, before due, for an adequate…
2Cases cited1 opinion
- Young v. BerkleySuperior Court of New Hampshire · 1821
3Cited by3 opinions
- Williams v. LittleSuperior Court of New Hampshire · 1840
- Olcott v. AldenSuperior Court of New Hampshire · 1834
- Briggs v. SholesSuperior Court of New Hampshire · 1847