Akers v. Demond
Massachusetts Supreme Judicial Court
Contract by Akers, John W. Russell and Robert L. Pease, partners under the name of Akers, Russell & Pease, on two bills of exchange, each for §1500, dated March 21, 1867, signed by Gilbert B. Reed, payable to the order of William H. Russell, indorsed by said Russell, drawn on the defendant, “ Charles Dernond, 91 Washington Street, Boston,” and accepted by him.
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Contract by Akers, John W. Russell and Robert L. Pease, partners under the name of Akers, Russell & Pease, on two bills of exchange, each for §1500, dated March 21, 1867, signed by Gilbert B. Reed, payable to the order of William H. Russell, indorsed by said Russell, drawn on the defendant, “ Charles Dernond, 91 Washington Street, Boston,” and accepted by him. One of the bills was on sixty, and the other on ninety days The answer alleged that the acceptance of the bills was for the accommodation of Reed; that the plaintiffs lent money upon them in New York, reserving interest at a rate…
1Opinion of the CourtWells, J.
The defence to this suit is, that the bills of exchange are void for usury, under the laws of New York, where they were first negotiated. The statute of New York, Rev. Sts. part 2, c. 4, tit. 3, \ 5, declares such securities void “ whereupon or whereby there shall be reserved or taken or secured, or agreed to be reserved or taken,” a greater rate of interest than seven per cent. The superior court ruled that, upon the testimony offered, no defence was established; and instructed the jury to return a verdict for the plaintiffs. The testimony is reported for our consideration, so far as…
2Cases cited6 opinions
- Andrews v. PondSupreme Court of the United States · 1839
- Dowe v. SchuttNew York Supreme Court · 1846
- Lee v. . SelleckNew York Court of Appeals · 1865
- Hanrick v. AndrewsSupreme Court of Alabama · 1839
- Clark v. . SissonNew York Court of Appeals · 1860
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- M. C. Lee & Co. v. WilmerdingTexas Supreme Court · 1882
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