Cornell v. Barnes
Wisconsin Supreme Court
APPEAL from the Circuit Court for Milwaukee County. Foreclosure of a mortgage of certain lands in Racine county, executed December 1, 1854, by the defendants Orville W. Barnes and wife to the plaintiff, Latham Cornell, securing the bond of said Orville W. Barnes, of same date, for $15,000, payable December 1, 1859, with interest at ten per cent, per annum, payable annually, “ the interest and principal to be payable at the office of Strong & Fuller in the city of Racine,…
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APPEAL from the Circuit Court for Milwaukee County. Foreclosure of a mortgage of certain lands in Racine county, executed December 1, 1854, by the defendants Orville W. Barnes and wife to the plaintiff, Latham Cornell, securing the bond of said Orville W. Barnes, of same date, for $15,000, payable December 1, 1859, with interest at ten per cent, per annum, payable annually, “ the interest and principal to be payable at the office of Strong & Fuller in the city of Racine, with the rate of exchange which shall [should] be current at the time of payment on the city of Troy, N. Y., or at the Troy…
1Opinion
Upon a motion for a rehearing, William P. Lynde, of counsel for the defendant Barnes, argued that the stipulation for the payment of exchange upon Troy, in addition to ten per cent, interest, rendered the contract usurious; that it was entirely immaterial whether the money was to be reloaned in this state or remitted to Troy, N. Y., the place of the lender’s residence ; that if the lender, residing in’ another state, sends his money to this state and loans it here, he has no right to impose upon the borrower the expense of remitting the money to him, if that expense, added to the rate of…
2Cases cited9 opinions
- Cleveland v. LoderNew York Court of Chancery · 1839
- Merritt & Myers v. BentonNew York Supreme Court · 1833
- Musgrove v. GibbsSupreme Court of the United States · 1787
- Otto v. DuregeWisconsin Supreme Court · 1861
- Towslee v. DurkeeWisconsin Supreme Court · 1860
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