Rice v. Mather
New York Supreme Court
This was an action of assumpsit, tried at t! le Albany circuit, in August, 1828, before the Hon. James Emott, one of the circuit judges.
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This was an action of assumpsit, tried at t! le Albany circuit, in August, 1828, before the Hon. James Emott, one of the circuit judges. The plaintiff sued as the first endorsee of a promissory note mac|e by the defendants, Elias Mather and Finlay McNaughJ ’ ; ° ton, to Jasper L. Keeler and James G. Mather, under the partnership name of “Keeler and Mather,” for the sum of $948,50, dated 3d October, 1825, payable 90 days after date, and endorsed by the payees on the day of its date. The defendant pleaded the general issue. The defence set up was usury. James G. Mather, one of the endorsers,…
1Opinion of the Court
By the Court,
Savage, Ch. J.
The only question is whether this was a usurious transaction. According to the uniform decisions of this court, it clearly was not. The note was given for a valuable consideration ; it was an available instrument in the hands of the original payees ; there was no usury in its original concoction, and therefore a purchase of it, or a discounting of it, at a sum less than the face, does *65not taint the note itself with usury. Usury to invalidate the note, must exist between the original parties to it; but when as between maker and payee, the maker has received value for…
2Cited by18 opinions
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- Newman v. . FrostNew York Court of Appeals · 1873
- Cobb v. . TitusNew York Court of Appeals · 1854
- State Bank v. . SmithNew York Court of Appeals · 1898
- Farber v. National Forge & Iron Co.Indiana Supreme Court · 1894
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