Durant v. Banta
Supreme Court of New Jersey
In error to the Hudson circuit. Durant brought ail action in the Hudson circuit, against Banta and Northum, to recover the amount of a promissory note, of which the following is a copy : “ §375.60. Jersey City, Feb. 23, 1856. Ninety days after date, I promise to pay to the order of D. Northum, three hundred and seventy-live .60 dollars, at Hudson County Bank, value received, without defalcation or discount. J. J. Banta.” Endorsed—D. Northum, Jersey City.
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In error to the Hudson circuit. Durant brought ail action in the Hudson circuit, against Banta and Northum, to recover the amount of a promissory note, of which the following is a copy : “ §375.60. Jersey City, Feb. 23, 1856. Ninety days after date, I promise to pay to the order of D. Northum, three hundred and seventy-live .60 dollars, at Hudson County Bank, value received, without defalcation or discount. J. J. Banta.” Endorsed—D. Northum, Jersey City. The note liad been protested for non-payment, and the action was brought against the drawer and endorser under the provisions of the act to…
1Opinion of the Court
The opinion of the court was delivered by
Potts, J.
In the first place, the plaintiff’s counsel ex-
cepts to the charge of the court, that if the payee of a bona fide business note disposes of it at a greater rate of discount than six per cent, per annum, and endorses it generally, it is a loan of money, and usurious; and that if the endorsee or payee is held for the ultimate payment of the money, by protest and suit, it is evidence conclusive *630that the transaction was not a sale, but a loan of money on the note.
Our act against usury (Nix. Dig. 372) declares that every contract for the loan of…
2Cases cited22 opinions
- Lloyd v. ScottSupreme Court of the United States · 1830
- Bank of the United States v. Waggener and OthersSupreme Court of the United States · 1835
- Rogers v. JonesNew York Supreme Court · 1828
- Munn v. President & Directors of Commission Co.New York Supreme Court · 1818
- Nichols v. FearsonSupreme Court of the United States · 1833
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