The Dry Dock Bank v. . the American Life Ins. and Trust Co.
New York Court of Appeals
The bill in this cáse was filed before the chancellor, in September, 1842, by the New-York Dry Dock Company. Its object was to have certain bills of credit issued by the complainants and delivered to the defendants, The American Life Insurance and Trust Company, and also a trust deed, executed by the former, to M. Robertson, J. Duer and A. Crist, as trustees, to secure their payment, declared void for usury and cancelled.
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The bill in this cáse was filed before the chancellor, in September, 1842, by the New-York Dry Dock Company. Its object was to have certain bills of credit issued by the complainants and delivered to the defendants, The American Life Insurance and Trust Company, and also a trust deed, executed by the former, to M. Robertson, J. Duer and A. Crist, as trustees, to secure their payment, declared void for usury and cancelled. The cause was heard on pleadings and proofs, by the assistant vice chancellor of the 1st circuit, and a decree pronounced declaring the bills usurious and the deed of trust…
1Opinion of the CourtGardiner, J.
I agree with my brother Cady in the result of his opinion, without assenting to all the reasons upon which it is founded. To prevent misapprehension in a case of this importance, it may be proper to state the ground upon which I rest my judgment.
And 1st. The statute against usury, (1 R. S. 772, §§ 1 and 2,) prohibiting a greater rate of interest than seven per cent, “ for the loan, or forbearance, of any money, goods, or things in action,” is applicable, only, to those loans, which are in substance and effect, loans of money.
The statute of Henry VIII enumerated, and prohibited, the various…
2Cases cited5 opinions
- Bank of the United States v. Waggener and OthersSupreme Court of the United States · 1835
- Dowe v. SchuttNew York Supreme Court · 1846
- Dunham v. DeyNew York Supreme Court · 1816
- More v. HowlandNew York Supreme Court · 1847
- Trotter & Douglas v. CurtisNew York Supreme Court · 1821
3Cited by38 opinions
- Seeman v. Philadelphia Warehouse Co.Supreme Court of the United States · 1927
- Brearley School, Ltd. v. WardNew York Court of Appeals · 1911
- State v. J. C. Penney Co.Wisconsin Supreme Court · 1970
- People v. WasservogleCalifornia Supreme Court · 1888
- Zachary v. R. H. Macy & Co.New York Court of Appeals · 1972
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