Drake's Ex'or v. Chandler
Supreme Court of Virginia
This was an action of debt in the Circuit Court of New Kent county, brought in September, 1866, by Robert Drake’s ex’or against O. M. Chandler, James M. Apper-son and Wm. C. Cooke, on a bond for $1,454.58, in which they were obligors with R. B. Chandler, deceased, who signed himself as security. The defendants put in two pleas of usury, to the second of which the plaintiff demurred; and the court sustained the demurrer.
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This was an action of debt in the Circuit Court of New Kent county, brought in September, 1866, by Robert Drake’s ex’or against O. M. Chandler, James M. Apper-son and Wm. C. Cooke, on a bond for $1,454.58, in which they were obligors with R. B. Chandler, deceased, who signed himself as security. The defendants put in two pleas of usury, to the second of which the plaintiff demurred; and the court sustained the demurrer. On the first plea issue was joined; and the parties agreed to dispense with a jury and submit the whole question of law and fact to the court. The facts on which the…
1Opinion of the CourtRives, J.
The enquiry in this case is whether there has been such a substitution of a new security for an old one that was tainted with usury, as to make it equally void with the old one, and subject it to the same defence. The general principle is a *862familiar one, and is thus clearly stated in Walker v. Bank of Washington, 3 How. U. S. R. 62: ‘ ‘The mere change of securities for the same usurious loan to the same party who received the usury, or to a person having notice of the usurj', does not purge the original illegal consideration, so as to give a right of action on the new security. Every…
2Cases cited1 opinion
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