14 Wis. 571 | Wis. | 1861
By the Court,
The questions involved in this case are confined to the conclusions of law upon the facts found. The facts are not contested. The judge found that Yon'JDeutsch, the agent of the defendant Durege, purchased the note in question without knowledge of its origin or the purpose for which it was executed. The court is of opinion upon these facts, that the transaction was not usurious, and that the defendant is entitled to recover from the plaintiffs the principal and interest specified in the note.— Upon well settled principles, and avoiding the confusion introduced by inconsistent and conflicting adjudications, our reasons are briefly these: Negotiable paper, like any other property, may be bought and sold below its real value and for less than its face, without imputation of usury, although the purchaser thereby obtains much more than legal interest for the use of his money. The penalties and prohibitions of the statute are aimed at the receiving or contracting to receive a greater rate of interest than that prescribed by it upon the loan or forbearance of money, or other things, and do not apply to the sale of a note or any other vendible commodity, which, when in good faith intended as such, may be sold and transferred for such price as may be fixed by the agreement of the parties. The only limitation upon this principle, if it may be properly so called, is that made necessary for the purpose of giving effect to the spirit and intent of the law
Ordered accordingly.