This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1855 edition. Excerpt: ... James a. Oakley. JAMES a. OAKLEY. New York Superior Court, Special Term; March, 1855. Mortgage Security.--Usury. A mortgagor of chattels cannot, after sale of the chattels to a third party, sustain an action to cancel the mortgage and notes secured by it, and to enjoin proceedings to enforce it, on ...
Read More
This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1855 edition. Excerpt: ... James a. Oakley. JAMES a. OAKLEY. New York Superior Court, Special Term; March, 1855. Mortgage Security.--Usury. A mortgagor of chattels cannot, after sale of the chattels to a third party, sustain an action to cancel the mortgage and notes secured by it, and to enjoin proceedings to enforce it, on the ground of usury in the loan for which it was given. It seems. that the purchaser of property subject to a mortgage, cannot avoid the mortgage on the ground of usury. Application for an injunction to restrain the foreclosure of a chattel mortgage, and sale of the property, on the ground of usury in the loan. S. Sanxay, for plaintiff. J. S. Jenness, for defendant. Hoffman, J.---The plaintiff on the 7th day of October, 1854, borrowed of the defendant the sum of $2000, to be repaid in equal amounts, in six monthly payments; for which he gave six promissory notes, for $333 33 each; and, as security, executed a chattel mortgage upon thirty sewing machines, described in the complaint. The loan is alleged to have been usurious by an exaction and taking of ten cents a day upon every hundred dollars of the amount; and that for three months the usury was actually paid. The defendant threatens to take possession of the property, and to apply it in satisfaction of his demand. The prayer is, that the notes and mortgage be cancelled, and an injunction issue, restraining the defendant from any proceedings to enforce the security. The defendant has taken possession and advertised the property for sale. The case made by the affidavits of the defendant in opposition to the motion, is this: that the plaintiff, the mortgagor, had sold, in January last, all the property covered by the mortgage, to one Alfred Hyde; that Hyde had agreed to assume and pay the...
Read Less
Add this copy of Abbott's Practice Cases, Volume 1 to cart. $73.43, good condition, Sold by Bonita rated 4.0 out of 5 stars, ships from Newport Coast, CA, UNITED STATES, published 2011 by Nabu Press.
