Dowdall v. Lenox
New York Court of Chancery
A question of usury. George R. Dowdall and Edward H. Nicoll, in the month of May, one thousand eight hundred and twenty-nine, projected a voyage to Canton on their joint account. It was to be performed by the ship Ajax, commanded by Dowdall. In order to effect it, Edward H. Nicoll applied to the defendant, Robert Lenox, for a loan of sixty thousand dollars, in specie.
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A question of usury. George R. Dowdall and Edward H. Nicoll, in the month of May, one thousand eight hundred and twenty-nine, projected a voyage to Canton on their joint account. It was to be performed by the ship Ajax, commanded by Dowdall. In order to effect it, Edward H. Nicoll applied to the defendant, Robert Lenox, for a loan of sixty thousand dollars, in specie. After some conversation between the latter parties, the application was reduced to writing, as follows : “ To Robert Lenox, Esquire, . “ Captain George R. Dowdall, in conjunction with myself, will take from you $60,000 to be…
1Opinion of the Court
The Vice-Chancellor:
The objection of usury has been placed upon two grounds : 1st, That interest was reserved to commence on the fifteenth day of May (the date of the bond), whereas, according to the proposals for the loan, the money was not required until the eighteenth, twentieth and twenty-second days of the same month; and, 2nd: That four thousand and five hundred dollars of Nicoll’s old debt was added to the sum actually lent, and was included in the bond and an interest of seven per cent, reserved upon the whole amount-.
I. With respect to the first point. It is not made an objection by…
2Cited by3 opinions
- Clarke v. . SheehanNew York Court of Appeals · 1872
- Norton v. NathansonNew Jersey Court of Chancery · 1916
- Bevier v. . CovellNew York Court of Appeals · 1881