Case ID: ny_243/html/0575-01.html
Source: Caselaw Access Project
Author: {"author": "", "license": "Public Domain", "url": "https://static.case.law/"}
Date Created: 2024-08-24T03:29:51.129683

Real Estate Finance Corporation, Respondent, v. Alice K. Johnson, Appellant, Impleaded with Another.
    (Submitted June 4, 1926;
    decided July 9, 1926.)
    
      Bills, notes and checks — usury — action to recover upon promissory note — defense of usury — reasonable charge for services in financing building project.
    
    
      Beal Estate Finance Corp. v. Johnson, 215 App. Div. 769, affirmed.
    Appeal from a judgment of the Appellate Division of the Supreme Court in the first judicial department, entered January 9, 1926, affirming a judgment in favor of plaintiff entered upon a verdict directed by the court in an action to recover upon a promissory note. The defense was usury, the answer alleging that the note in suit was a renewal note in place of a note for $10,000 given upon an usurious agreement whereby the plaintiff exacted and took $800, in addition to legal interest, for the use of the money for a period of seventy-five days. The trial court held that the parties intended the $800 to be a payment for services in financing a building project in which plaintiff was interested and that the amount was a reasonable charge for the work done.
    
      Judgment affirmed, with costs;
    
      C. Bertram Plante and Harry Edwards for appellant.
    
      Tracy S. Voorhees and Edward I. Devlin, Jr., for respondent.
   no opinion.

Concur: His cock, Ch. J., Cardozo, Pound, McLaughlin, Crane, Andrews and Lehman, JJ.