Armstrong v. Gibson
Wisconsin Supreme Court
APPEAL from the Circuit Court for Sauh County. The plaintiff sold and transferred to the defendant a note and mortgage for $1,000 and ten per cent, interest, executed by his son, Theodore P. Armstrong, to the plaintiff. The defendant paid therefor $950, and the plaintiff, as a part of the same transaction, by an indorsement to that effect on the note, guarantied the payment of the whole amount for which the note and mortgage was given, principal and interest.
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APPEAL from the Circuit Court for Sauh County. The plaintiff sold and transferred to the defendant a note and mortgage for $1,000 and ten per cent, interest, executed by his son, Theodore P. Armstrong, to the plaintiff. The defendant paid therefor $950, and the plaintiff, as a part of the same transaction, by an indorsement to that effect on the note, guarantied the payment of the whole amount for which the note and mortgage was given, principal and interest. At the time of suck sale and transfer no payment bad been made on these securities. The object of this action is disclosed in the…
1Opinion of the CourtLyoN, J.
I. The first question to be considered is, whether there was a valid assignment and transfer of the securities to the defendant, conceding that the guaranty of the plaintiff is void for usury.
We do not propose to go into an extended discussion of -this question, or to review the decisions of the various courts bearing upon it. Those who may desire to examine such decisions will find many of them, both English and American, cited and most elaborately revie .red in the cases of Cram v. Hendricks, 7 Wend., 569; Cowles v. McVickar, 3 Wis., 725; and in the able opinion of the learned circuit judge…
2Cases cited2 opinions
- Cram v. HendricksCourt for the Trial of Impeachments and Correction of Errors · 1831
- Cowles v. McVickarWisconsin Supreme Court · 1854
3Cited by13 opinions
- Watson v. City of AppletonWisconsin Supreme Court · 1885
- Flanagan v. the Chicago & Northwestern Railway Co.Wisconsin Supreme Court · 1878
- McKinney v. JonesWisconsin Supreme Court · 1882
- Moritz v. SplittWisconsin Supreme Court · 1882
- Hooker v. Village of BrandonWisconsin Supreme Court · 1889
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