Fanning v. Dunham
New York Court of Chancery
THE bill, filed August 2, 1813, stated, that on the 26th October, 1811, the plaintiff and defendant, who had dealings together in the exchange of promissory notes, &cc. entered into a written agreement, which recited that the defendant had advanced to the plaintiff, at sundry times, his promissory notes in exchange, amounting to 188,464 dollars and 88 cents, and for which the defendant was entitled to a commission of two and an half per cent.; and a further advance of 20,000…
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THE bill, filed August 2, 1813, stated, that on the 26th October, 1811, the plaintiff and defendant, who had dealings together in the exchange of promissory notes, &cc. entered into a written agreement, which recited that the defendant had advanced to the plaintiff, at sundry times, his promissory notes in exchange, amounting to 188,464 dollars and 88 cents, and for which the defendant was entitled to a commission of two and an half per cent.; and a further advance of 20,000 dollars, in exchange of notes, was agreed upon, in four notes, payable in 2, 3, 4, and 5 months, with the privilege of…
1Opinion of the Court
The Chancellor.
1. The first and great point in this case is, whether the charge of a commission of two and a half per cent, uniformly made by the defendant, upon the advance or endorsement of negotiable notes to and for the plaintiff) was usurious. •>
The defendant was in the habit of loaning his promissory notes to the plaintiff) and of endorsing negotiable notes for the use and benefit of the plaintiff, from the 1st of Septem¡jer 1808, down to the time that the plaintiff stopped pay-1 1 1 1 * mei;t and of taking in return the plaintiff’s notes for the ' • ® r same sum, payable within a day…
2Cases cited1 opinion
- Eagleson v. ShotwellNew York Court of Chancery · 1815
3Cited by25 opinions
- Goldfrank, Frank & Co. v. YoungTexas Supreme Court · 1885
- Veazie v. WilliamsSupreme Court of the United States · 1850
- Beach v. President of the Fulton BankCourt for the Trial of Impeachments and Correction of Errors · 1829
- Thompson v. LeeSupreme Court of Alabama · 1857
- American Freehold Land & Mortgage Co. v. JeffersonMississippi Supreme Court · 1892
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