Quackenbos v. . Sayer
New York Court of Appeals
Appeal from order of the General Term of the Supreme Court in the second judicial department, reversing a judgment in favor of plaintiff, entered upon the report of a referee, and granting a new trial.
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Appeal from order of the General Term of the Supreme Court in the second judicial department, reversing a judgment in favor of plaintiff, entered upon the report of a referee, and granting a new trial. (Reported below, 2 Hun, 157.) The action was brought to foreclose a mortgage executed by defendant Sayer and his wife, dated January 8, 1875, payable five years from date, with an interest clause making the principal due, at the option of the holder, in case of nonpayment of interest for thirty days. The evidence was, in substance, that one Stephen H. Sayer, son of defendant Sayer, applied to…
1Opinion of the CourtAllen, J.
That the transaction by which the plaintiff was enabled to dispose of his bonds for a price in excess of their par value, and still more in excess of their market value, was oppressive, and the result of an advantage taken by him of the pecuniary embarrassment, and pressing necessities of the individual with whom he dealt is very obvious. But although the bargain was unconscionable, still if not usurious it may be technically legal, and such as the plaintiff may enforce. The sole question is, whether the transaction was a bona fide sale of the bonds at an exorbitant rate, or a loan of money…
2Cases cited1 opinion
- Cleveland v. LoderNew York Court of Chancery · 1839
3Cited by44 opinions
- In Re Shulman Transport Enterprises, Inc.Court of Appeals for the Second Circuit · 1984
- People Ex Rel. Hegeman v. . CorriganNew York Court of Appeals · 1909
- Noteman v. WelchCourt of Appeals for the First Circuit · 1939
- Rubenstein v. SmallAppellate Division of the Supreme Court of the State of New York · 1947
- Kaminsky v. KahnAppellate Division of the Supreme Court of the State of New York · 1965
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