Farmers' & Mechanics' Bank v. Kimmel

Usury, under R. S. 1S3S, is a personal defence, to be interposed by a party, to the contract, of which a subsequent purchaser cannot avail kimself._

Appeal from the Court of Chancery. In June, 1848, Kimmel filed a bill in the court of chancery to foreclose a mortgage executed to him by one Ward, on the 11th February, 1841. The bank held a subse*85quent mortgage given by Ward, and in its answer set up usury in the mortgage to Kimmel. The usury consisted in the conveyance by Ward to Kimmel, of a village lot, not covered by the mortgage, as a bonus or consideration for the loan, beyond the legal…