Mutual Loan Ass'n v. Brandt
Appellate Terms of the Supreme Court of New York
Appeal from a judgment of the General Term of the City Court of the city of New York, affirming a judgment entered on a verdict directed by the court at Trial Term. Action upon a promissory- note made by the defendant to his own order, indorsed by him, by Estella Heymann, and by Henry M. Heymann, and delivered by the latter to the plaintiff at a discount greater than the legal rate.
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Appeal from a judgment of the General Term of the City Court of the city of New York, affirming a judgment entered on a verdict directed by the court at Trial Term. Action upon a promissory- note made by the defendant to his own order, indorsed by him, by Estella Heymann, and by Henry M. Heymann, and delivered by the latter to the plaintiff at a discount greater than the legal rate. The plaintiff proved by the defendant, on the hitter’s cross-examination, that on the same day that he delivered the note in suit to Henry M. Heymann he received from Heymann his note for an equal amount, maturing…
1Per curiam
It seems to be conceded that if the note in suit was given m exchange for a similar note by Heymann, plaintiff’s assignor, the defense of usury must fail. If, however, it was given without consideration and had no legal inception until discounted by plaintiff, the defense may be successful. The crucial question, therefore, is whether or not there was an exchange of notes. The correspondence, in date, amount and term-of the note given to Heymann by Brandt, and the note given by Brandt to Heymann, certainly raises a presumption that there was such an exchange, but it is a presumption which…
2Cited by1 opinion
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