Stewart v. . Bramhall
New York Court of Appeals
Appeal from judgment of the General Term of the Supreme Court, in the first judicial department, affirming a judgment in favor of plaintiff, entered upon the report of a referee.
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Appeal from judgment of the General Term of the Supreme Court, in the first judicial department, affirming a judgment in favor of plaintiff, entered upon the report of a referee. (Reported below, 11 Hun, 139.) This action was brought against defendant, as indorser of a promissory note made by “ The New York and Silver Peak Mining Company,” a corporation organized under the general manufacturing law of this State, payable to the order of-defendant, and indorsed by him for its accommodation. The defense was usury. The referee found, among other things, that the note in suit was one of a number…
1Opinion of the CourtAndrews, J.
Rosa v. Butterfield (33 N. Y., 664), is decisive of this case. The note was the valid obligation of The New York and Silver Peak Mining Company, notwithstanding it was received by Burrows under an agreement which would make it usurious if it had been the contract of an individual. Since the act of 1850, contracts of corporations have not been within the usury laws, and the act as construed, includes collateral contracts of individuals as sureties, guarantors or indorsers for a corporation.
The mining company could not therefore have defended the note on the ground of usury, and the defendant…
2Cases cited2 opinions
- Laverty v. . MooreNew York Court of Appeals · 1865
- Union National Bank of Pittsburgh v. . WheelerNew York Court of Appeals · 1875
3Cited by14 opinions
- Salvin v. . Myles Realty Co.New York Court of Appeals · 1919
- Hubbard v. TodSupreme Court of the United States · 1898
- Penrose v. Canton National BankCourt of Appeals of Maryland · 1925
- In Re International Raw Material CorporationCourt of Appeals for the Second Circuit · 1927
- Pardee v. FetterMichigan Supreme Court · 1956
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