Coor v. . Spicer
Supreme Court of North Carolina
Motion to dissolve an injunction heard beiore Clarke, J., at .'Spring Term, 1871, of Wayne Superior Court. The following facts were found by the Court: 1. That on the 28th April, 1870, the plaintiff borrowed from ■•defendant.
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Motion to dissolve an injunction heard beiore Clarke, J., at .'Spring Term, 1871, of Wayne Superior Court. The following facts were found by the Court: 1. That on the 28th April, 1870, the plaintiff borrowed from ■•defendant. Spicer, three hundred dollars, for which he gave Ihiur three promissory notes for one hundred and forty-five dollars and sixty cents each, payable to said Spicer, or order, due .and payable Jan. 1st, 1871. At the time of executing said notes, .and for securing the payment thereof, the plaintiff executed a .mortgage to the defendant Spicer, of his lands, with power of…
1Opinion of the CourtReadb, J.
The only question presented for our consideration, is, whether a mortgage to secure a usurious debt, in the hands of a purchaser for value without notice of the usury, is void.
Except as otherwise provided by statute, a negotiable instrument, void as between the original parties by reason of any illegality in the consideration, was, nevertheless good in the hands of an endorsee for value and without notice. Henderson v. Stannon, 1 Dev. 147. Of course it might be otherwise provided by statute; and our usury statute, Rev. Code, ch. 114, did make void all instruments, the consideration of which,…
2Cited by8 opinions
- Ward v. . SuggSupreme Court of North Carolina · 1893
- Faison v. Grandy.Supreme Court of North Carolina · 1901
- Faison v. C. W. Grandy & SonsSupreme Court of North Carolina · 1900
- New Bern Oil & Fertilizer Co. v. National BankCourt of Appeals for the Fourth Circuit · 1928
- Chavasse and Jones v. . Jones .Supreme Court of North Carolina · 1875
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