More v. Howland
New York Supreme Court
The defendants, who were foreign fruit dealers, in the city of New-York, and had commenced business upon a small cash capital, applied to the plaintiffs in October, 1844, and stated that not having an established credit in the market, they could transact business much more advantageously, by having upon the paper which they should have occasion to issue, the name of some mercantile firm in good and established credit in the city of New-York; and that it would also be…
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The defendants, who were foreign fruit dealers, in the city of New-York, and had commenced business upon a small cash capital, applied to the plaintiffs in October, 1844, and stated that not having an established credit in the market, they could transact business much more advantageously, by having upon the paper which they should have occasion to issue, the name of some mercantile firm in good and established credit in the city of New-York; and that it would also be desirable to the defendants in some of their anticipated commercial transactions to have a credit opened for them with some…
1Opinion of the Court
By the Court, Bronson, Ch. J.
The plaintiffs sold their guaranty or credit to the defendants, for a commission of two and a half per cent, on securities payable in four months. The rate of compensation is a matter of no legal importance; for if the plaintiffs had a right to charge any thing, they might charge whatever sum the defendants would agree to pay. There was no negotiation, nor agreement, for or about a loan; nor was any loan ever made. It was a sale of credit, and nothing more. The defendants may have made a bad bargain ; but there was no usury in the case. (Ketchum v. Barber, 4 Hill,…
2Cited by15 opinions
- Elwell v. . ChamberlinNew York Court of Appeals · 1864
- Van Duzer v. . HoweNew York Court of Appeals · 1860
- The Dry Dock Bank v. . the American Life Ins. and Trust Co.New York Court of Appeals · 1850
- Bibb County Loan Ass'n v. RichardsSupreme Court of Georgia · 1857
- White v. AndersonMissouri Court of Appeals · 1912
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