95 N.Y.S. 867 | N.Y. Sup. Ct. | 1905
The action is on a promissory note. The defense is usury. The note, dated December 21, 1903, for «$3,333.33, payable .December 20, 1904, was made by defendant and another, payable to U„ T. Hungerford, who indorsed and delivered it- to plaintiff company. Plaintiff took with notice, as Mr, Hungerford was an officer of the company. The defendant gave 100 shares of the Goetz Manufacturing Co. stock, par value $100 per share, as collateral security. The note was given upon the renewal of a loan made November 7, 1903. The defendant relies upon an agreement under seal of even date with the renewal note. The agreement is between the makers of the note, as parties of the first part, and the payee, as party of the second part, and recites that the" payee “has this day discounted the joint note of the parties of the first part for the sum of $3,333.33, payable one year from date.” It further recites the deposit of the stock as collateral and provides: “ When the said note shall fall due and become payable the said
Judgment for plaintiff, with costs.