The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1858-12-26
Interesting Wall Street Case.
srrRrMr corRT-GENERAL rrRM.


Before justices Davies, Sutherland and Hogeooom.
SIT. l3-Jchn r. Butterporth, Heceirer # the Island
City Bank, against Htsam 0 Brie,i and John o. Bries-
THIS an appeal from of Mr. Justice Sutherland
at Special Term sustaining demurrer the complaint
upon the ground that does facts sufficient 10
constitute Of action. The complaint forth in
due form the appointment Of the plaintiff Receiver Of
the Island city Bank, banking incorporation and then
alleges that PRIOR 10 hs appointment such Receiver,
and within year past the said bank has paid and said
defendants have received the loan forbearance Of
Of money ny said defendants 10 said bank,
the sum y $4,000 u excess Of interest over and above
the legal Of seven per cent per which he
cannot state With precision particularly but charges
that the defendants can 10 Plaintiff therefore, prays an
accounting 10 determine the amount thereof ani Judgment
for mat sum. The complaint also contains prayer for
HoGEIoos JusoeT his presents the question whether
CORPORATION may recover back nsurons premiums paid BY
the loan oearance ~ money il involves the act Of
1880 which follows No corporation shall hereafter in
Ia sec Cur statute orbis any person or corporaron
directly y indirectly 2 tske any greater sum than u The rae
money. X :, III, sec ~ And as consequence u
paying such larger back such the
sfo9 rSs y h a @s sss rr ri pis ~ act
pleta aAshed = cepgra,ions although y observable
ee e w b reas G M 6 ascn hS lss "a
and ut efaioa sec Sns toe statute De.
yoii N baas contracts aud u
% an ' pr,aa ~ q Sso sec III prs
mae y" asfg II usnry nisiemeanor see ID 10 tnis
shape he s,,,.es agant asnry - amended N lSSl r.
ylvd ai 40 oportsn should thereafter nerppse ne O.
~ general caon should receive
snee win ~ ntenl q IL trainers AID 10 arsrsase q The
IN n css for ;he benefit % cprpoanons = enable thcn
motion ii he objects Of ,her corporation They forbid
On 2 inerrfe the dcenre . usr ana taereore when
II stnr udrn ageins' heln And hnk 'hs ir ronsirnc
srrn sctn,y 0rrlwed VT. sa interest but aiso The
ss premium ~ ssfas ~ al,9e',n ss,wSee
pr Il declares ha' hey shall not nerp The de-
rsi pay - made legal them by removing
s.pr. - ees, ser,nr = sss-Slsr 4 against mem sa
would ohsrw - x n asur1as premium ~ 49, oli or We
in - acu u =, hen think cannot subsequent =. e
pies Hpe 81 lerri srnplicny. l,st - alo~ reaoyery
i IL rscry I'D hen 2 allow y = be immefl.
such hg e done Now 10 the % natural peTs9ns
mcfcd they hack money actually psii ~ way
~ because hs agreement . pay Aat tae C; y
pr.snn hattie wseucs ~ Ler pecuniay may
The me q the origins loan on .uea terms a. iey could
b. e1 be- n.aoss s,n',s Know ?,
p ss ~. aa r. 5n 10 ws @ @ s 's sn
valued defsnee asa,i IS recovery when originally prose
sss Y ls' sws are sores They aso,s e q his RE
defended neither hey Re voluntarily paid cpnpulso
hem tTo IN The agency d aud insiie 'dr ha espres
and only urPcse sus = tbs suit and i gsi a or the rea
,e statute II sn ~ he suit IL recover nark slrions
premiums raid. The hsSaity ef the orig us trsus
farhddea. But the statute Of 1850. BY
hhpr the defence has removed the tsDt 81 usGTy sno
longer a. & corporations esI has become lawful AMI
~ he back the fails The illegally
heinr removed The foundation nr The scon no longer essi
" that this giving the statute 81 lshD crtend
"a meaning than designed BY ia trainers that It
Only intended toske aay the defence ofusury
hs 4 Otherwise valid for that
pronounce awsl W repeal the law which
farhds that fun effect he given the
tote n s BY rom contract IN
Court - Equity and that this the benign and equitable
cons;rcn and most consistent with the spirit Of the law.
pay The Money actually borrowed. and era interest
and relieve hin from what y negutable Oppressive and
d&uon The phfaseolngy n tho law which 3 IN uch
construction The language general and unqualified u
away the defence, the objection o usury II strikes
follow MT only disaiows Defence but firbids
used any way Extensively, that Is, 20 accomplish the
0hisf b. Affirmative action. for example. In a
prcetd aside would
pishei strictly defensive action example, In
tn usur5 action upon the contract
that ddthen think goes san farther, and forbds
only defence acpu for the usury ions pre-
MUM The money borrowed She legal interest and the ussH
ali mingled together 10 transaction form
ute says the defence q usury shall not be nterpo-ed -
think each and every part Of ino
than another least feel bound 10 PIT that
ninatnr terms / think this Of the statute III ssN
~ all the Judges the Court u Appeals
delivered opinions 81 the - Curtss ieav Is
Rep tsse opinion of ConssOck, b. s5; Of Brogn. r
a2 lS4 81 shank and Tt OF Paige I1 lS of Seidau.
q AZ 80 The resnh s that the complaint sraiioiy A.
consiier he other question discuss
umsn whether tie usurous transactions forth with
arlesding The order the Special fern shd aare
with cests