Hackettstown National Bank v. Rea
New York Supreme Court
APPEAL, by the defendants, from a judgment entered upon the report of a referee. The action was brought to foreclose a mortgage executed by' the defendants, to secure the payment of promissory notes made by the defendant George M. Rea and others, and discounted by the plaintiff, in the city of Yew York; which mortgage was given to Aaron Woodman, the endorser of the notes, and had been assigned to the plaintiff.
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APPEAL, by the defendants, from a judgment entered upon the report of a referee. The action was brought to foreclose a mortgage executed by' the defendants, to secure the payment of promissory notes made by the defendant George M. Rea and others, and discounted by the plaintiff, in the city of Yew York; which mortgage was given to Aaron Woodman, the endorser of the notes, and had been assigned to the plaintiff. The promissory notes were made payable in Yew York, and dated and executed there, and the makers and endorsers resided there, and were discounted by the plaintiff at the rate of seven…
1Opinion of the Court
By the Court, Learned, J.
This is an action of foreclosure. The defence is usury. The usury is alleged to consist in this; that a note dated and payable in Hew York was discounted at seven per cent by the plaintiff—a Hew Jersey bank ; the rate of interest being six per cent in Hew Jersey; and that the borrower paid the expressman seventy-five cents, being his proper charges for bringing the money.
Another defence is, that the plaintiff, a foreign corporation, kept an office in Hew York for the purpose of issuing money, &c. And also that it was interested in a fund employed for making discounts,…
2Cases cited2 opinions
- Cutler v. . WrightNew York Court of Appeals · 1860
- People Ex Rel. Bay State Shoe & Leather Co. v. McLeanNew York Court of Appeals · 1880