Townsend v. Corning
New York Supreme Court
In Equity. This case came before the court upon an appeal, by the defendant, from a decree of the late vice chancellor of the seventh circuit.
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In Equity. This case came before the court upon an appeal, by the defendant, from a decree of the late vice chancellor of the seventh circuit. The bill was filed by Townsend and others, to foreclose a mortgage executed by the defendant Corning, bearing date on the 21st of September, 1840, and conditioned to pay the plaintiffs, (as per bond collateral thereto,) $2500, the one half in one year and the remaining half in two years from date, with annual interest on all sums unpaid. The defendant put in an answer to the bill, setting up as a defence, that the mortgage was usurious and void. The…
1Opinion of the CourtGridley, J.
Upon the statement of the facts respecting the alleged usurious agreement, and upon the proofs in the cause, the question arises whether there was any usury in the transaction proved.
If the bond and mortgage were usurious, it was not for any usurious interest included in those securities; for they were executed for the exact amount of the principal moneys due. It must, therefore, have been on account of the exaction of the payment of the interest upon interest, and the costs of the suit upon the note given by Wood, Baker and Lawrence, as a *630condition of the discontinuance of the ejectment…
2Cases cited2 opinions
- Kellogg v. HickokNew York Supreme Court · 1828
- Williams v. HanceNew York Court of Chancery · 1839
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- Murray v. OliverOregon Supreme Court · 1869
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- Britton v. RichardsNew York City Court · 1872
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