Berdan v. Sedgwick
New York Supreme Court
ACTION to foreclose a mortgage given by S. D. Dillaye and wife to the plaintiff, June 4, 1853, to secure the payment of #7500. On the 20th day of July, 1859, a judgment was recovered against Dillaye upon the bond accompanying the mortgage, in the superior court of the city of New York, upon which executions had been returned unsatisfied.
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ACTION to foreclose a mortgage given by S. D. Dillaye and wife to the plaintiff, June 4, 1853, to secure the payment of #7500. On the 20th day of July, 1859, a judgment was recovered against Dillaye upon the bond accompanying the mortgage, in the superior court of the city of New York, upon which executions had been returned unsatisfied. December 1,1853, the mortgagors conveyed the mortgaged premises by a full covenant deed, to the defendants Sedgwick & Cowles, for -the consideration of $41,000, the full value of the premises. The purchase money was all paid or secured by mortgages upon the…
1Opinion of the CourtAllen, J.
The statute avoids all securities and contracts whereupon or whereby more than the lawful rate of interest is reserved or taken, and relieves the borrower from paying or offering to pay the principal sum due, or any part thereof, or the interest thereon, on seeking the aid of the court and to he relieved from the usurious contract. . (3 R. S. 73, §§ 5, 8.) Certain principles touching the construction and application of this statute have been settled by adjudications. The language of the statute is very comprehensive, and declares every usurious contract absolutely void. The decisions on the…
2Cases cited5 opinions
- Hartley v. . HarrisonNew York Court of Appeals · 1861
- Post v. DartNew York Court of Chancery · 1841
- Morris v. FloydNew York Supreme Court · 1849
- Cole v. SavageNew York Court of Chancery · 1844
- Murray v. BarneyNew York Supreme Court · 1861
3Cited by9 opinions
- Bennett v. . BatesNew York Court of Appeals · 1884
- Union Dime Savings Institution v. WilmotNew York Court of Appeals · 1883
- Maher v. LanfromIllinois Supreme Court · 1877
- Weaver Hardware Co. v. SolomovitzNew York Supreme Court · 1917
- Yormark v. WaldmanNew York Supreme Court · 1926
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