Cohen v. Waldron

.Pbyob, J.

To avert a threatened foreclosure of a mortgage on his property, defendant had this transaction with the plaintiff. Upon payment of the mortgage debt less 10 per cent, discount, plaintiff took an assignment of the mortgage; with the knowledge of plaintiff defendant paid the mortgagee the 10 per cent, balance, •whereupon plaintiff extended the mortgage for another year. In the action to foreclose, defendant pleads usury.

Upon its face, the transaction is clear of usury. In form, it is a purchase of a valid, subsisting security; and by all authorities, such a purchase, at any discount,…