Case Name: De Roe v. Smith, appellant
Court: New York Supreme Court
Jurisdiction: New York
Decision Date: 1874-06
Citations: 4 Thomp. & Cook 690
Docket Number: 
Parties: De Roe v. Smith, appellant.
Judges: 
Reporter: Thompson & Cook's Supreme Court Reports
Volume: 4
Pages: 690–690

Head Matter:
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.

Opinion:
Gilbert, J.
• The head-note fully states the only points passed upon in the opinion.
Judgment affirmed.