Case ID: thomp-cook_4/html/0690-01.html
Source: Caselaw Access Project
Author: {"author": "Gilbert, J.", "license": "Public Domain", "url": "https://static.case.law/"}
Date Created: 2024-08-24T03:29:51.129683

De Roe v. Smith, appellant.
    
      Usury — cannot be set up by joint-stock company — nor by accommodation indorsers of such company’s notes.
    
    In an action on a promissory note against S. as president of the Rochester Towing Company and others as indorsers thereof, the defendants set up the defense of usury, alleging that the company was a partnership and not a joint-stock company, and that the indorsers were accommodation indorsers. Held, (1) that the company was a joint-stock company, possessing, under the statutes, certain 'powers of corporations (Bobbins v. Wells, 18 Abb. 191; Waterbury v. Merch. U. Exp. Go., 3 Abb. N. S. 163); and (3) could not, there- ■ fore, interpose the defense of usury ; and (3) as that defense was unavailing to the company, it could not avail the indorsers. Bosa v. Butterfield, 33 N. T. 665 ; Belmont Br. Bank v. Hodge, 35 id. 65.
    Appeal from a judgment for plaintiff entered upon the report 'of a referee. The action was brought by George T. De Roe against Roswell B. Smith, as president of the Rochester Towing Company, and others, upon a promissory note made by said compahy, and indorsed by the other defendants.
    
      W. & J. D. Kernan, for appellants.
    
      O. D. Adams, for respondent.
   Gilbert, J.

• The head-note fully states the only points passed upon in the opinion.

Judgment affirmed.