Lowry v. . Collateral Loan Association
New York Court of Appeals
Appeal from a judgment entered June 17, 1901, upon an order of the Appellate Division of the Supreme Court in the first judicial department, affirming an interlocutory judgment of Special Term overruling a demurrer to the complaint. The nature of the action and the facts, so far as. material, are stated in the opinion. The complaint shows that both notes and mortgages were good and valid in their inception.
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Appeal from a judgment entered June 17, 1901, upon an order of the Appellate Division of the Supreme Court in the first judicial department, affirming an interlocutory judgment of Special Term overruling a demurrer to the complaint. The nature of the action and the facts, so far as. material, are stated in the opinion. The complaint shows that both notes and mortgages were good and valid in their inception. (Webb on Usury, §§ 306, 307; Sweeney v. M. L. Assn., N. Y. L. J. Dec. 1, 1900.) Usury is not sufficiently pleaded. (Manning v. Tyler, 21 N. Y. 567; Gannon v. Forgotston, 62 N. Y. S. R. 835…
1Opinion of the CourtVann, J.
The defendant is a corporation organized under the “ act to provide for the incorporation of associations for lending money on personal property, and to forbid certain loans of money, property or credit,” passed April 17th, 1895 (L. 1895, cli. 326). This statute was so amended in 1896 as to provide that it should not apply to two counties, one of which is the county of Westchester where the plaintiff resides. (L. 1896, ch. 206, § 2.) By this act the defendant was authorized to lend money to such persons “ as shall be deemed by it in need of pecuniary assistance ” and to “ take as security for…
2Cited by3 opinions
- Krulik v. Confidential Personal Loan Co.New York Supreme Court · 1941
- Great Eastern Credit Union v. CooperAppellate Terms of the Supreme Court of New York · 1922
- Lowry v. . Collateral Loan AssociationNew York Court of Appeals · 1902