Phelps v. Kent
Supreme Court of Connecticut
MOTION for a new trial. This cause was remanded to the superior court, by t|,e supreme court of errors, on reversal of a former 1 judgment. It was tried again on the same issue, and the same ^evidence, which, being particularly stated in the report of the case, ante, vol, 2. p. 483. it is unnecessary here to repeat.
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MOTION for a new trial. This cause was remanded to the superior court, by t|,e supreme court of errors, on reversal of a former 1 judgment. It was tried again on the same issue, and the same ^evidence, which, being particularly stated in the report of the case, ante, vol, 2. p. 483. it is unnecessary here to repeat. The court directed the jury, that if they should find, that the sum reserved for the expenses or fees of Staples, was a reasonable allowance, and in fact reserved for his expenses or fees in securing the debt, such reservation was not usurious; but if they should find, that such…
1Opinion of the Court
By the Court.
A security taken in this state, for a debt contracted in the state of JVew- York, carrying interest, and on a contract entered into in that state,, does not come within the statute against usury, although it may secure 7 per cent, interest, that being the legal interest allowed in that state. In this case, the debt was contracted in New-York, and the creditor was entitled, by the contract, to 7 per cent, interest, until the debt should be paid. The note taken in this state, and now in suit, is in substance a security for the debt according' *98ío terms’of the original contract. The…
2Cited by1 opinion
- McQueen v. . BurnsSupreme Court of North Carolina · 1821