Chamberlain v. . Dempsey
New York Court of Appeals
Usury is a personal defence, and can be made available only by the borrower, not by third parties. And none but a party to a ¡usurious contract, or his heirs, devisees, or personal representatives, can avoid a usurious contract on account of usury.
1Opinion of the Court
Davies, Ch.J.
This is an action to foreclose a mortgage, made and executed by the Defendants therein, William D. Salisbury and Samuel J. D. Arrowsmith, to the Plaintiff, to secure the payment of two certain promissory notes, made by said Salisbury and Arrowsmith to the order of one John Dempsey, and endorsed by him, and held and owned by the Plaintiff. The Court which tried the action without a jury, found as facts, that the condition of the mortgage was, that if said notes should be paid, then said mortgage was to become void, but if not, then the Plaintiff was empowered to sell the mortgaged…
2Cases cited5 opinions
- De Wolf v. JohnsonSupreme Court of the United States · 1825
- Cole v. SavageNew York Court of Chancery · 1844
- Inhabitants of Reading v. Inhabitants of WestonSupreme Court of Connecticut · 1829
- Bullard v. . RaynorNew York Court of Appeals · 1864
- Macondray v. WardleNew York Supreme Court · 1858
3Cited by6 opinions
- Henry v. HenryWest Virginia Supreme Court · 1914
- Ready v. HuebnerWisconsin Supreme Court · 1879
- Morgan v. StevensNew York Court of Common Pleas · 1878
- In re the Estate of SextonNew York Surrogate's Court · 1944
- Cahn v. Farmers & Traders BankSouth Dakota Supreme Court · 1890
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