Towne v. Rice
Massachusetts Supreme Judicial Court
Contract, by an indorsee against Lewis Rice and William. J. Harolson as makers, with a count against Rice as indorser, of the following instrument, signed “Lewis Rice, Wm. J. Harolson, Receivers,” and indorsed “ Lewis Rice, Receiver.”
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Contract, by an indorsee against Lewis Rice and William. J. Harolson as makers, with a count against Rice as indorser, of the following instrument, signed “Lewis Rice, Wm. J. Harolson, Receivers,” and indorsed “ Lewis Rice, Receiver.” “ $ll,520/e%. Boston, July 1, 1873. Four months after date we promise to pay to Lewis Rice, Receiver, or order, eleven thousand five hundred twenty and -//j dollars, for value received, with interest at the rate of two per cent, per month after due, having deposited with the holders as collateral security, with authority to sell the same at the broker’s board,…
1Opinion of the CourtDevens, J.
The note in suit was made and delivered in New York, although there was evidence that it was dated at Boston with the intent that it should be a Massachusetts contract. The consideration for it was three similar notes payable in the city of New York which had become due, and upon which a rate of interest usurious under the laws of New York had been reserved. There was no further consideration, and upon it also a usurious rate of interest was reserved. By the statutes of New York all contracts by which a greater rate of interest than that allowed by law is taken, reserved or agreed to be…
2Cases cited4 opinions
- Bridge v.HubbardMassachusetts Supreme Judicial Court · 1818
- Bayley v. TaberMassachusetts Supreme Judicial Court · 1809
- Stults v. SilvaMassachusetts Supreme Judicial Court · 1875
- Arnold v. Rock River Valley Union RailroadThe Superior Court of New York City · 1856
3Cited by27 opinions
- Chicago Railway Equipment Co. v. Merchants' BankSupreme Court of the United States · 1890
- Merrill v. HurleySouth Dakota Supreme Court · 1895
- Hollinshead v. John Stuart & Co.North Dakota Supreme Court · 1898
- Tuttle v. First National BankMassachusetts Supreme Judicial Court · 1905
- Cherry v. SpragueMassachusetts Supreme Judicial Court · 1901
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