In re Wild
U.S. Circuit Court for the District of Southern New York
[Appeal from the district court of the United States for the Southern district of New York. [The receiver of the Ocean National Bank claimed to be admitted as a creditor of the bankrupt, upon indorsements by him upon promissory notes of the Portage Lake & Lake Superior Ship Canal Company, a Michigan corporation. The assignee of the bankrupt resisted the claim, on the ground that the notes were usuriously discounted by the bank for the canal company.
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[Appeal from the district court of the United States for the Southern district of New York. [The receiver of the Ocean National Bank claimed to be admitted as a creditor of the bankrupt, upon indorsements by him upon promissory notes of the Portage Lake & Lake Superior Ship Canal Company, a Michigan corporation. The assignee of the bankrupt resisted the claim, on the ground that the notes were usuriously discounted by the bank for the canal company. The claimant objected that this defense was not open to the bankrupt, under chapter 172 of the session laws of New York for 1S50 (page 334), as…
1Opinion of the Court
WOODRUFF, Circuit Judge.
On the 13th of February, 1871. the bankrupt, Alfred Wild, without consideration, and as mere surety, became the endorser of two promissory notes made by the Portage Lake and Lake Superior Canal Company, one for $73,-902.51, and the other for $35.111.49. which, on that day. were delivered to the Ocean National Bank, and were made payable with interest. These notes were given in renewal of a number of other notes then unpaid, which had been also given in renewal of prior notes held by the bank, and which were taken from the canal company for a loan of two sums of $75.000…
2Cases cited2 opinions
- Rosa v. . ButterfieldNew York Court of Appeals · 1865
- First Nat. Bank of Whitehall v. . LambNew York Court of Appeals · 1872
3Cited by4 opinions
- Marquette National Bank of Minneapolis v. First of Omaha Service Corp.Supreme Court of the United States · 1978
- Meadow Brook National Bank v. RecileDistrict Court, E.D. Louisiana · 1969
- National Bank v. . LewisNew York Court of Appeals · 1878
- Penrose v. Canton National BankCourt of Appeals of Maryland · 1925