Hungerford's Bank v. Postdam & Watertown Railroad
New York Supreme Court
Appeal from a judgment rendered on a trial by the court. The decision below will be found reported 9 Ante, 124, where the facts are fully stated. From that judgment the defendants appealed to the general term.
1Opinion of the Court
Br the Court.*—W. F. Allen, J.
The plaintiff loaned to the Potsdam and Watertown Railroad Company money at a *25greater rate of interest than that allowed by law, and to secure the repayment of the money so loaned with the illegal interest, the note in suit was given, the individual defendants indorsing as the sureties, and for the accommodation of the Railroad Company, the maker of the note. Judgment at the circuit was given against the indorsers, upon the ground that they were estopped by the “ Act to prohibit corporations from interposing the defence of usury in any action,” passed, April 6,…
2Cases cited7 opinions
- Holmes v. WilliamsNew York Court of Chancery · 1843
- Cole v. SavageNew York Court of Chancery · 1844
- Truscott v. DavisNew York Supreme Court · 1848
- Green v. MorseNew York Supreme Court · 1848
- Chamberlain v. TownsendNew York Supreme Court · 1858
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3Cited by2 opinions
- Weeks v. CornwallNew York Supreme Court · 1887
- Strong v. New York Laundry Manufacturing Co.The Superior Court of New York City · 1874