Leavitt v. De Launy
New York Court of Appeals
[364] In September, 1841, the plaintiff was appointed by the court of chancery, receiver of the North American Trust and Banking Company, an association organized in July, 1838, in the city of New-York, under the general banking law.
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[364] In September, 1841, the plaintiff was appointed by the court of chancery, receiver of the North American Trust and Banking Company, an association organized in July, 1838, in the city of New-York, under the general banking law. In May, 1843, he filed the bill in this cause against Victor De Launy of New-York and John B. De Launy of Havre de Grace, in France, composing the firm of De Launy & Co. • This firm carried on business in both those places, and a part of its business in New-York was drawing and selling bills of exchange upon the firm at Havre, payable at the latter place or at…
1Opinion of the CourtHarris, J.
Regarding the transactions set forth in the plead*368ings as sales of exchange, there can be no doubt they are free from usury. Foreign exchange is a commodity which may be bought and sold like merchandize. Its price'is governed chiefly by the state of trade between the place where it' is negotiated and the place where it is payable. The sale of exchange is, in effect, a transfer of funds, which the drawer has, or is supposed to have, in another country, to the purchaser. Such funds are more or less valuable according to circumstances. Such value is chiefly affected by the state of trade between…
2Cases cited4 opinions
- Lloyd v. ScottSupreme Court of the United States · 1830
- Cleveland v. LoderNew York Court of Chancery · 1839
- Cummings v. WilliamsNew York Supreme Court · 1830
- Manice v. New-York Dry Dock Co.New York Court of Chancery · 1837
3Cited by5 opinions
- Shropshire v. Commerce Farm Credit Co.Texas Supreme Court · 1930
- Shropshire v. Commerce Farm Credit Co.Texas Supreme Court · 1931
- Bookhout v. McGeorgeCourt of Appeals of Texas · 1933
- Bookhout v. McGeorgeCourt of Appeals of Texas · 1933
- Shropshire v. Commerce Farm Credit Co.Texas Supreme Court · 1930