Nichols v. Holgate
Supreme Court of Vermont
THIS was a bill in Chancery, to foreclose the equity of redemption in certain lands in Milton. The case was, one Edmund Lamb, Jr. gave to Phelps Smith a mortgage of the land in question, dated the 14th of October, 1818, to secure two notes of the same date; the first for $54^45, payable in one year, and the other for $357,02, payable in two years from the date.
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THIS was a bill in Chancery, to foreclose the equity of redemption in certain lands in Milton. The case was, one Edmund Lamb, Jr. gave to Phelps Smith a mortgage of the land in question, dated the 14th of October, 1818, to secure two notes of the same date; the first for $54^45, payable in one year, and the other for $357,02, payable in two years from the date. Phelps Smith gave a deed of assignment to Bertram R. Nichols, dated 20th September, 1819. Edmund Lamb, Jr. deeded to Samuel Holgate, Jr. the 22d of December, 1818. Amasa I. Brown attached the same land by two writs of attachment…
1Opinion of the Court
The opinion of the court was pronounced by
Skinner, Chancellor.
The testimony of Lamb is conclusive as to the usury, and the only material question in the case, is whether he is a competent witness. The orator insists, that his deposition ought to be suppressed, upon the ground of interest, and also upon the ground of policy, he having endorsed the note described in the bill, to the orator.
It is admitted, that Lamb, after having mortgaged the premises to Smith, the assignor of the orator, conveyed to Holgate for the consideration of 1800 dollars, from which was deducted the nominal sum of the…
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