Schermerhorn v. American Life Insurance & Trust Co.
New York Supreme Court
In Equity. This bill was filed in the supreme court, in equity, in January, 1848, for the purpose of setting aside a certain bond for $151,933,44, given by the plaintiff to the American Life Insurance and Trust Company; and of having a certain conveyance made by the Holland Land Company to trustees for the security of the payment of the money mentioned in the bond, declared void; and the property mentioned in that conveyance conveyed to the plaintiff, and the money received…
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In Equity. This bill was filed in the supreme court, in equity, in January, 1848, for the purpose of setting aside a certain bond for $151,933,44, given by the plaintiff to the American Life Insurance and Trust Company; and of having a certain conveyance made by the Holland Land Company to trustees for the security of the payment of the money mentioned in the bond, declared void; and the property mentioned in that conveyance conveyed to the plaintiff, and the money received upon that property by the trustees paid over to the plaintiff—on the grounds that the transactions on which the bond and…
1Opinion of the CourtMullett, J.
The most important subjects of consideration suggested by this case, are those which are founded on the allegations of usury made by the plaintiff, and I propose to confine my examination to these subjects. The question of usury is presented to us in one of its most complex and intricate forms; and although the difficulty of its decision ought not to be considered increased, it is certainly not diminished by the contemplation of the great amount of *142property involved in the controversy. This is claimed to be a case of usury in disguise, or a loan of money for an illegal rate of interest,…
2Cases cited14 opinions
- President of the Bank of the United States v. OwensSupreme Court of the United States · 1829
- Pratt v. AdamsNew York Court of Chancery · 1839
- Green v. KempMassachusetts Supreme Judicial Court · 1816
- Shufelt v. ShufeltNew York Court of Chancery · 1841
- Morgan v. SchermerhornNew York Court of Chancery · 1829
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3Cited by3 opinions
- People's Savings Bank & Building Ass'n v. CollinsSupreme Court of Connecticut · 1858
- Voorhies v. McGinnisNew York Supreme Court · 1865
- Ladd v. ArkellThe Superior Court of New York City · 1875