National Bank v. Place
New York Supreme Court
Appeal from a judgment in favor of the defendants, entered ■ upon the verdict of a jury, and from an order denying a motion for a new trial, made upon a case ond exceptions. The plaintiff cannot raise the question of usury to avoid the agreement to "extend. Because only the party paying usury can raise that question.
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Appeal from a judgment in favor of the defendants, entered ■ upon the verdict of a jury, and from an order denying a motion for a new trial, made upon a case ond exceptions. The plaintiff cannot raise the question of usury to avoid the agreement to "extend. Because only the party paying usury can raise that question. (Billington v. Wagoner, 33 N. Y., 31; Draper v. Prescott, 29 Barb., 401, 404, 405.) The plaintiff received and held :the consideration for the extension, and cannot now be heard to allege the contract void for any reason, while holding the consideration received by it, (Place v.…
1Opinion of the Court
Bocices, J,:
It is, of course, admitted that the giving of time to the principal, by a valid agreement with him having that effect, without the consent of the surety, operates as a discharge of the 'latter ; and this lade of law applies as well to indorsers on commercial paper as to sureties in the strict sense of that term.
In this case the defendants, Place and Thomas, indorsers of the note in suit, set up the defense, that time of payment had been given the makers of the note without their consent. The jury found the issue in favor of the defendants.
The consideration of the agreement of…
2Cases cited6 opinions
- Billington v. . WagonerNew York Court of Appeals · 1865
- La Farge v. . Herter and DillenbeckNew York Court of Appeals · 1853
- Draper v. TrescottNew York Supreme Court · 1859
- Smith v. . FrostNew York Court of Appeals · 1877
- La Farge v. HerterNew York Supreme Court · 1848
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