Case Name: Willett Rayner et al. v. American Life Insurance & Trust Co.
Court: Saratoga Chancery Court
Jurisdiction: New York
Decision Date: 1842-01-22
Citations: 1 Sarat. Ch. Sent. 85
Docket Number: 
Parties: Willett Rayner et al. v. American Life Insurance & Trust Co.
Judges: 
Reporter: Saratoga Chancery Sentinel
Volume: 1
Pages: 1077–1077

Head Matter:
Willett Rayner et al. v. American Life Insurance & Trust Co.
Usury—A corrupt agreement necessary to constitute—Defense of.
Leavenworth & Comstock for * complainant.
J. V. L. Pruyn for defendants.

Opinion:
In this case the chancellor decided that, to constitute usury,there must be a corrupt agreement by the borrower to give, cither directly or indirectly, more than 7 per cent for the use of the money loaned. That a mere retainer, by the lender, of something which the borrower never intended to agree to give him, will not constitute usury. That the usurious agreement must also be distinctly set up in the pleadings, so that it may be seen what the corrupt agreement, if any was made, really ivas. Injunction dissolved, with costs.