Smith v. Alvord
New York Supreme Court
APPEAL, by the defendant, from a judgment entered upon the report of a referee. The report was in favor of the plaintiff for $168.78. Judgment January 31, 1865, for $240.57, damages and costs. The complaint alleges, in substance, that by the laws of the State of Illinois the Bock Island Coal and Coke Company was authorized to borrow money upon the bonds of 'the company, to an amount not exceeding $100,000, and to pay interest thereon at the rate of ten per cent.
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APPEAL, by the defendant, from a judgment entered upon the report of a referee. The report was in favor of the plaintiff for $168.78. Judgment January 31, 1865, for $240.57, damages and costs. The complaint alleges, in substance, that by the laws of the State of Illinois the Bock Island Coal and Coke Company was authorized to borrow money upon the bonds of 'the company, to an amount not exceeding $100,000, and to pay interest thereon at the rate of ten per cent. That on the 15th day of March, 1859, the company issued six of its bonds, for $200 each, payable to Edward B. Judson, or bearer, at…
1Dissent
Mullin, J., (dissenting.)
I cannot agree with the respondent’s counsel that because corporations are forbidden to set up usury as a defense, therefore the usury laws are, as to them, repealed, and that, not only is the benefit of the defense taken from the corporation, but also from all persons who are parties to their contracts. My reasons for this opinion are,
1st. That the statute does not, in terms or by fair implication, extend the prohibition beyond corporations.
2d. The reasons which induced the enactment of the law do not require the prohibition to be extended to individuals.
3d. Every…
2Cases cited5 opinions
- Curtis and Others v. . LeavittNew York Court of Appeals · 1857
- Pratt v. AdamsNew York Court of Chancery · 1839
- Chapman v. RobertsonNew York Court of Chancery · 1837
- Pomeroy v. AinsworthNew York Supreme Court · 1856
- Hungerford's Bank v. DodgeNew York Supreme Court · 1860