Edgerley v. Blackburn
Appellate Division of the Supreme Court of the State of New York
■Appeal by the defendants, Samuel P. Blackburn and another, from a judgment of the Supreme Court in favor of the plaintiff, entered in the office of the clerk of the county of New York on the 10th day of May, 1910, upon the decision of the court, rendered after a trial at the New York Special Term, canceling and discharging as usurious and void plaintiff’s note for $10,000, and an agreement between the parties, and directing the defendants to retransfer to plaintiff an…
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■Appeal by the defendants, Samuel P. Blackburn and another, from a judgment of the Supreme Court in favor of the plaintiff, entered in the office of the clerk of the county of New York on the 10th day of May, 1910, upon the decision of the court, rendered after a trial at the New York Special Term, canceling and discharging as usurious and void plaintiff’s note for $10,000, and an agreement between the parties, and directing the defendants to retransfer to plaintiff an interest in certain ships and to render ari accounting.
1Opinion of the Court
McLaughlin, J.:
On the 1st of February, 1902, the parties entered into an agreement by which, in consideration of a loan of $10,000, evidenced by plaintiff’s note for that amount, witli interest at six pér cent, the plaintiff agreed to transfer to the defendants his interests in four certain' sailing vessels in trust, to hold and manage the same until *421the loan and any advances on account of the vessels should be repaid. The agreement also provided that the defendants should be allowed to charge in each vessel’s account one-third of five per cent commission on all charters secured, and to…
2Cases cited1 opinion
- Frees v. BlythAppellate Division of the Supreme Court of the State of New York · 1904