Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1842-12-01
IMPORTANT LEGAL DECISION.

Carter, Morton e. Co J In the Circuit Surerior
Us }Court Of Lsw and Cnan-
Manning and others Sce,y for Jefferson Coun.
ty, Virginia-Octoier Term, 1912.
The defendants were sued as endorsers
on certain drafts, held and owned by the
plaintiffs, amounting to $4,000, drawn
by the firm of Ford and Snyder, of Viz.
ginia, on houses in the city oil Baltimore,
engaged in the -four trade.
The drawers failed, and made spe-
cial assignment, projecting the defendants,
in case Of their liability for the drafts in
question. tt
The bills we're drawn by Ford a. Sny.
der, on houses in Baltimore, payable
there. They were endorsed by the
friends OF the drawers, for their accommo-
daton, and return TO them; the drawers
then sold them 10 Winchester to the plain
tifis, who we're Brokers living in Bal,-
more, acting by their agents in Winches-
ter, who knew that they were uccommo.
dation bills, and who deducted the inter.
est or discount, in advance. at the rate at
which the Banks in Virginia discounted
bills or negotiable notes-that is, at the rate
ofone-haIf Of one per centum for every
thirty days which the psper has to rur,
including days OF grace, and also incIu-
ding the day in which the bill is discount
ed. Thus, a note or bill, at sixty days,
discount is deducted by the Banks for
sxty-four days. The bills in question
we're paid for 10 notes Of Banks in Virgin.
ia, which were received on deposit. and
paid out, as current money, by the Banks
in Winchester, where the bills were solo
but the notes of the Banks which we're
so paid for the bills, were at discount of
% per cent. in Baltimore, where the said
bills were made payable.
1t was argued, on the defence, that if
ar accommodation bill, in the hands Of
the drawer, with the knowledge Of the
purchaser that it is accommodation paner,
be sold, it is a lending and borrowing, and
not sale Of the bill, in legal contempla-
ton and if such lending be at more
than six per cenium per nnnum. 1t is usu.
rious. That the transactions in question
were usurious, Isl. Because TIE interest
was taken in advance. Cd. That the
interest received on the sums advanced,
was greater than al the rate of six per
centum per annum. Sd. Tha. discount
or interest was taken for the day on
which the discount was made, besides the
interest for the days which the bills had
to run, and days of grace, according to
the usage Of the Banks in Virginia. 4lh
Because the bills were payable in Balti-
more, and were purchased in Winchester
with notes of Virginia Banks which were
at discount Of p per cent. in Baltimore.
The Court over-ruled the points made
in the defence, and this decision, we un-
derstand, was principally upon the ground
that the usage OF the Banks, in such
, transactions ttaking interest in advance,
&c. has been sanctioned and settled by
the Court Of Appeals; and that in these
cases the privilege attaches TO the charac-
ter Of the paper rather than Ia the per.
son dealing 10 il. The Bank notes in
which the drafts were paid, being at par
in Virginia, the place Of the transactions
referred 10, the Alb objection was also
over-rued; and judgment rendered for
the plalnidis.
The case was argued for the plaintiffs
by Andrew Hunter and Benjamin Laven-
der, ESQ IRIS, and for the dcfeuce, by j. NJ.
Mason and f. L. Cooke, Esq IRIS. II will
we understand, be takrn to the Court Of
| Appeals. 49, CharIestoca Free Press.
SALE OF NICHOLAS BIDDLE's EsraTE.-
Nicholas Biddles splendid estate called
Andalusia, was sold by the Sheriff of
Bucks County, on Tuesday, on a mort
gage Of his son. The purchaser was
Mrs. Biddie. She bought the whole es.
tate, worth over Ss00 600 for eight thou.
sand dollars There was only half a
dozen present. except the members Of
the family. There were three mortgages
on the property, amounting TO nearly
Sl3O,O00. The sale will be legally con-
tested, and the Sheriff declines delivering
tho deeds until the matter is fairly adjus-
ted by the Court Of Bucks County.
Philad. Chron.