Palmer v. Lord
New York Court of Chancery
THIS was a bill, filed January 23d, 1822, for a discovery and account, and to recover back money paid by the plaintiffs to the defendant for excess of interest, over and above the lawful interest, on various loans and money transactions, between the parties, from June, 1810, to June or July, 1818. The bill stated the particular transactions in which the defendant had, from time to time, exacted usurious interest, and alleged, that the plaintiffs have paid to him 340 dollars,…
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THIS was a bill, filed January 23d, 1822, for a discovery and account, and to recover back money paid by the plaintiffs to the defendant for excess of interest, over and above the lawful interest, on various loans and money transactions, between the parties, from June, 1810, to June or July, 1818. The bill stated the particular transactions in which the defendant had, from time to time, exacted usurious interest, and alleged, that the plaintiffs have paid to him 340 dollars, for excess of interest, beyond the lawful rate of interest; and they offered to pay to him all the principal and lawful…
1Opinion of the Court
The Chancellor.
The bill seeks to compel the defendant to account for moneys which have been exacted, and paid to him for excess of interest, beyond the rate allowed by law, during a series of transactions detailed in the bill. The defendant pleads in bar the act for preventing usury, as requiring the right of discovery of the usurious excess, and the right of action to have accrued within one year previous to the commencement of the suit. The cause has been set down for hearing upon this plea, and the simple point is, whether there be any such statute limitation to the suit.
The statute of the…
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