Scott v. Lewis
Supreme Court of Connecticut
THIS was an action on a promissory note for 350 dollars, The canse ivas tried at Mew-Haven, August term 1816, before Swift, Ch. J. ant! Goddard and Hosmer, Js.
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THIS was an action on a promissory note for 350 dollars, The canse ivas tried at Mew-Haven, August term 1816, before Swift, Ch. J. ant! Goddard and Hosmer, Js. The defence was usury ; in support of which, the defendant introduced evidence to prove, that one James Sherman applied to the plaintiff for the loan of 350 dollars ; that the plaintiff, on such application, agreed that he would make, the loan, by discounting a note to be signed by the defendant and indorsed by Sherman and two others, payable twelve months after date, with interest, and allowing eighteen shillings on the pound of the…
1Opinion of the Court
Swift, Ch. J.
A new security for a usurious debt is void : So is a substituted security, unless made payable to an innocent party, ignorant of the usury j or unless the usury be purged by a new consideration.
The original note in this case was usurious and void ; but Sherman, the real debtor, instead of taking advantage of it., paid the whole sum to the defendant, who stood in the capa city of surety for him, and the defendant then gave his note to the plaintiff. When the defendant received the amount of *136the original note from Sherman, it became his duty to pay is to the plaintiff. When he gave…
2Cited by6 opinions
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- Clark v. GreySupreme Court of Florida · 1931
- Masterson v. GrubbsSupreme Court of Alabama · 1881
- Botsford v. SanfordSupreme Court of Connecticut · 1817
- Wales v. WebbSupreme Court of Connecticut · 1823
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