Phelps v. Kent
Phelps v. Kent
Opinion of the Court
A security taken in this state, for a debt contracted in the state of JVew- York, carrying interest, and on a contract entered into in that state,, does not come within the statute against usury, although it may secure 7 per cent, interest, that being the legal interest allowed in that state. In this case, the debt was contracted in New-York, and the creditor was entitled, by the contract, to 7 per cent, interest, until the debt should be paid. The note taken in this state, and now in suit, is in substance a security for the debt according'
New trial not to be granted.
Reference
- Full Case Name
- Oliver L. Phelps against Benajah Kent
- Cited By
- 1 case
- Status
- Published