Griggs v. Howe
New York Court of Appeals
George M. Griggs, Miles W. Bennett and William L. Lothrop sued Otis B. Howe, S. T. Arnot, E. G. Herrick and H. H. Howe, in the supreme court, on defendants acceptances of two bills of exchange, drawn by H. L. Webb, for one thousand two hundred and fifty dollars each, dated June 9, 1855, and accepted by the defendants under the name of Otis B. Howe & Co. The answer among other defenses set up usury and alleged that plaintiffs had in one contract discounted the drafts at the…
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George M. Griggs, Miles W. Bennett and William L. Lothrop sued Otis B. Howe, S. T. Arnot, E. G. Herrick and H. H. Howe, in the supreme court, on defendants acceptances of two bills of exchange, drawn by H. L. Webb, for one thousand two hundred and fifty dollars each, dated June 9, 1855, and accepted by the defendants under the name of Otis B. Howe & Co. The answer among other defenses set up usury and alleged that plaintiffs had in one contract discounted the drafts at the rate of two per cent, a month, or twenty-four per cent, a year, and that the illegal interest thus taken was one hundred…
1Opinion of the CourtPeckham, J.
The only questions presented in this case arise upon the charge, and the refusal to charge, of the judge. His refusal to charge that the answer was broad enough to admit the defense of usury I think was right. The answers set up that the interest deducted by the plaintiffs, by agreement on discounting the two drafts, was one hundred and twenty-five dollars, which was at the fate of two per cent, a month, or twenty-four per cent a year for the time the draft had to run. The proof showed that the drafts were discounted at different times, and hy several separate contracts, and at a rate of…
2Cases cited9 opinions
- Belmont Branch of State Bank of Ohio v. HogeNew York Court of Appeals · 1866
- Catlin v. . GunterNew York Court of Appeals · 1854
- Holmes v. WilliamsNew York Court of Chancery · 1843
- Ramsdell v. MorganNew York Supreme Court · 1837
- New-Orleans Gas Light & Banking Co. v. DudleyNew York Court of Chancery · 1840
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3Cited by5 opinions
- Field v. SibleyAppellate Division of the Supreme Court of the State of New York · 1902
- Katz v. KuhnNew York Court of Common Pleas · 1880
- Bank of Staten Island v. SilvieAppellate Division of the Supreme Court of the State of New York · 1903
- Farmers' & Mechanics' National Bank v. LangNew York Supreme Court · 1880
- Hennequin v. ClewsThe Superior Court of New York City · 1880