King v. Perry Insurance & Trust Co.
Supreme Court of Alabama
Appeal from Perry Circuit Court. Tried before Hon. George H. Craig. This ‘ was an action brought by the appellee, the Perry Insurance and Trust Company, against the appellant, King, to recover the amount of a bill of exchange drawn on and accepted by him. The cause was tried on pleas of the general issue and usury.
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Appeal from Perry Circuit Court. Tried before Hon. George H. Craig. This ‘ was an action brought by the appellee, the Perry Insurance and Trust Company, against the appellant, King, to recover the amount of a bill of exchange drawn on and accepted by him. The cause was tried on pleas of the general issue and usury. It appeared on the trial that one Tarry, being indebted to the appellee, delivered to it, in December, 1871, a bill of exchange, drawn by W. M. Catlin, indorsed by the appellant, King, and accepted by J. P. Tarry, This bill was payable in sixty days, and was for the amount of the…
1Opinion of the CourtBrickell, C. J.
The only consideration of the bill of exchange on which the suit is founded, is the debt originally contracted by Tarry with the Perry Insurance and Trust Company. It is not disputed that the debt in its inception, and in the several renewals of the evidence of it, to which Tarry and the appellant were parties, was infected with usury. The law is firmly settled that a mere change of securities for the same usurious loan, to the same person who has reserved the usury, does not purge the original, so that an action can be maintained on the new security.—Pearson v. Bailey, 23 Ala. 537; Walker v.…
2Cases cited3 opinions
- Pearson v. BaileySupreme Court of Alabama · 1853
- Botsford v. SanfordSupreme Court of Connecticut · 1817
- Vickery v. DicksonNew York Supreme Court · 1861
3Cited by4 opinions
- Masterson v. GrubbsSupreme Court of Alabama · 1881
- Miller v. Prudential Banking & Trust Co.West Virginia Supreme Court · 1907
- Valley Mortg. Co. v. PattersonAlabama Court of Appeals · 1942
- Holczstein v. Bessemer Trust & Savings BankSupreme Court of Alabama · 1931