Schroeppel v. . Corning
New York Court of Appeals
* Appeal from the general term of the Su- |- * -^g preme Court, in the fifth district, where ajudg- L ment of nonsuit had been affirmed. (Reported below, 10 Barb. 576.) This wa s an action of assumpsit to recover an excess of money alleged to have been received by the defendant, beyond the principal and legal interest, upon a loan of money claimed to have been made to the plaintiff, Schroeppel.
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* Appeal from the general term of the Su- |- * -^g preme Court, in the fifth district, where ajudg- L ment of nonsuit had been affirmed. (Reported below, 10 Barb. 576.) This wa s an action of assumpsit to recover an excess of money alleged to have been received by the defendant, beyond the principal and legal interest, upon a loan of money claimed to have been made to the plaintiff, Schroeppel. The other plaintiff, Soule, was joined as the general assignee of Schroeppel, for the benefit of his ■ creditors. In 1837, the defendant had money which he said he could or would loan, and also' some…
1Opinion of the CourtGardiner, J.
— The agreement of the 26th June 1837, between Corning and Schroeppel, did not amount to a loan, but a contract for a loan. There must be a loan of money to constitute usury; there was, therefore, no loan until the 10th of July 1837, when the money was advanced, and the land conveyed, and, of course, no usury, and no excess, by way of premium for the use of money, over and above the legal rate of interest. To call this transaction an executed contract, is merely to say that a loan, in pursuance of a previous agreement, is executed, in such a sense, that the borrower cannot avoid the contract;…
2Cited by7 opinions
- Duval v. . WellmanNew York Court of Appeals · 1891
- Ryan v. Motor Credit Co., Inc.New Jersey Superior Court Appellate Division · 1941
- Loughman v. Town of PelhamCourt of Appeals for the Second Circuit · 1942
- Starr Cash Car Co. v. ReinhardtNew York Court of Common Pleas · 1892
- Muller v. . City of PhiladelphiaNew York Court of Appeals · 1913
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