In re Fishel
District Court, S.D. New York
In the matter of Fishel, Nessler & Co., bankrupts. Qn report of referee as special master. Before petition filed the bankrupts had borrowed, on assigned accounts, from-three concerns; i. e., National Discount Company, Traders’ Commercial Oom-pany, and Bloomingdale Bros. In several instances, either by inadvertence or design, the same account was assigned to more than one lender.
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In the matter of Fishel, Nessler & Co., bankrupts. Qn report of referee as special master. Before petition filed the bankrupts had borrowed, on assigned accounts, from-three concerns; i. e., National Discount Company, Traders’ Commercial Oom-pany, and Bloomingdale Bros. In several instances, either by inadvertence or design, the same account was assigned to more than one lender. Bankruptcy having supervened before many of the accounts were due or paid, the trustee in bankruptcy collected the amounts thereof. Thereupon the three lenders above named petitioned for orders requiring the trustee…
1Opinion of the CourtHough, District Judge
(after stating the facts as above). The principal question submitted must depend for solution on the law of New York as declared in its statutes and interpreted by its highest courts. It is often said that usury consists in exacting a higher rate of interest than that authorized by law. The expression is colloquial, and does not pretend to exactness, yet the idea that usury is allied to interest (eo nomine) has appeared in argument, and befogged the matter.
Section 373 of the general business law (Consol. Laws 1909, c. 20) declares that :
“All * ⅜ * contracts or securities * * * all deposits of…
2Cases cited2 opinions
- Rosenstein v. . FoxNew York Court of Appeals · 1896
- In re Wilde's SonsDistrict Court, S.D. New York · 1904
3Cited by5 opinions
- National Equipment Rental, Ltd. v. StanleyDistrict Court, E.D. New York · 1959
- Stewart v. Boone County Trust Co.Missouri Court of Appeals · 1935
- Anderson v. BeadleNew Mexico Supreme Court · 1931
- Mintz v. Hornblower & WeeksCourt of Appeals for the Sixth Circuit · 1936
- Finance Co. v. GamperlingCuyahoga County Common Pleas Court · 1926