Kimball v. Proprietors
Massachusetts Supreme Judicial Court
Bill in equity to recover threefold the amount of certain moneys alleged to have been paid in violation of the usury laws.
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Bill in equity to recover threefold the amount of certain moneys alleged to have been paid in violation of the usury laws. The bill alleged that the plaintiff, on the 14th of April 1848, being indebted to the defendants in the sum of $100,000, for which the defendants held his negotiable promissory note, bearing date the 1st of May 1846, payable on demand, with interest semi-annually, secured by mortgage of certain real estate in Boston; and being desirous that demand for payment of said note should be forborne, and that he should not be required to pay the same, for such length of time as…
1Opinion of the CourtThomas, J.
The plaintiff was indebted to the defendants in the sum of $100,000 on a note payable on demand, with interest semi-annually, and secured by mortgage of his real estate. The defendants wanted the money, and the plaintiff did not want to pay it. An agreement was made to this effect: That the plaintiff should give the defendants his negotiable promissory notes to an amount not exceeding forty thousand dollars ; that the defendants should get the notes discounted, on such terms and for such rates of interest as they saw fit, and apply the proceeds to their use. When the notes arrived at…
2Cases cited4 opinions
- Speed v. CrawfordCourt of Appeals of Kentucky · 1860
- Levy v. GadsbySupreme Court of the United States · 1805
- Commonwealth v. FrostMassachusetts Supreme Judicial Court · 1809
- Reed v. SmithNew York Supreme Court · 1823