New York Life Insurance and Trust Co. v. . Beebe
New York Court of Appeals
Appeal from the general term of the Supreme Court, in the eighth district, where a decree had been made, in an equity suit, dismissing the plaintiffs’ bill with costs. This was a bill in equity, filed in the late court of chancery, for the foreclosure of a mortgage given to the plaintiffs by Chester and Aaron Beebe, on the 12th April 1836, to secure the payment of the sum of $3000, on the 12th April 1846, with interest, half-yearly, at the rate of seven per cent, per annum.
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Appeal from the general term of the Supreme Court, in the eighth district, where a decree had been made, in an equity suit, dismissing the plaintiffs’ bill with costs. This was a bill in equity, filed in the late court of chancery, for the foreclosure of a mortgage given to the plaintiffs by Chester and Aaron Beebe, on the 12th April 1836, to secure the payment of the sum of $3000, on the 12th April 1846, with interest, half-yearly, at the rate of seven per cent, per annum. Other persons were made parties, as subsequent incumbrancers, who *permitted the bill to be taken pro confesso * 365 J…
1Opinion of the CourtWelles, J.
If the consideration of the bond and mortgage in question was a loan from the appellants to the respondents, and the transaction is to be treated in that light, it cannot be legally upheld, for two reasons:
I. Seventy-five per cent, of the amount of the loan of $3000, for which the bond and mortgage were given, consisted in a trust certificate issued by the company, by *which they certified that the sum of $2250 had been deposited with them for the period of twenty *- years, and irredeemable within that time; interest to be paid thereon by the company half-yearly at the rate of 4J per cent,…
2Cases cited7 opinions
- President of the Bank of the United States v. OwensSupreme Court of the United States · 1829
- Quackenbos v. . SayerNew York Court of Appeals · 1875
- The Dry Dock Bank v. . the American Life Ins. and Trust Co.New York Court of Appeals · 1850
- Hubbard v. ElmerNew York Supreme Court · 1831
- Farmers' Loan & Trust Co. v. CarrollNew York Supreme Court · 1849
2 more not listed; retrieve them via the Exa API.
3Cited by6 opinions
- Kerrigan v. Commissioner of Public HealthSupreme Court of Connecticut · 2008
- Manhattan Life Insurance v. Forty-Second Street & Grand Street Ferry RailroadNew York Court of Appeals · 1893
- M.L. Ins. Co. v. . F.S.S. G.S.F.R.R. Co.New York Court of Appeals · 1893
- Moore v. Rector of St. Thomas'New York Supreme Court · 1873
- Talmage v. NeviusThe Superior Court of New York City · 1869
1 more not listed; retrieve them via the Exa API.