7 Johns. 196 | N.Y. Sup. Ct. | 1810
The truth of the facts stated in this plea is admitted by the demurrer, and the question then arises, whether the sale of the stock being merely colourable, the contract is not founded in usury ? Each share of the stock is admitted, by an endorsement, upon the pleadings, to be of the nominal value of 25 dollars ? and this fact, independently of such admission, is necessarily inferible from the plea. The plea expressly avers, that the shares stipulated to be transferred by the plaintiff, were worth but two hundred and fifty dollars, and that it was corruptly and usuriously agreed, that. the defendant should take them at their nominal value, being 400 dollars ? and this sum together with 687 dollars in money, is the amount of the bond upon which this suit is brought.
Upon this statement of facts, there can be no doubt that the bond is void. The cash lent to the defendant was tipon the ground that the defendant should pay nearly double the real value of the stock, and interest is reserved upon the whole amount. Whether this was a
Judgment for the defendant!