First National Bank v. American Near East & Black Sea Line, Inc.

New York Supreme Court

First National Bank v. American Near East & Black Sea Line, Inc.

119 Misc. 650

CourtNew York Supreme Court

DecidedDecember 15, 1922

StatusPublished

Cited by4 cases

This text of 119 Misc. 650 (First National Bank v. American Near East & Black Sea Line, Inc.) is published on Counsel Stack Legal Research, covering New York Supreme Court primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

First National Bank v. American Near East & Black Sea Line, Inc., 119 Misc. 650 (N.Y. Super. Ct. 1922).

Pincite

Opinion

Lewis, J.

The answer alleges that it was agreed between Samuel Clark Williams and the defendants that the corporation appear as maker and the individual defendants as indorsers; that, in fact, no money was loaned to the corporation, but the loan was to the individual defendants, and that it was all pursuant to a plan to evade the usury statute, because the maker, being a corporation, would be unable, by reason of the statute, to avail itself of the defense of usury.

The law is that if there is notice of an intent to take usury the lender cannot evade the statute by disguising the borrower. Grannis v. Stevens, 216 N. Y. 583; Schanz v. Sotscheck, 167 App. Div. 202; Gilbert v. Real Estate Co. of Brooklyn, 155 id. 411.

The motion for judgment is denied.

Ordered accordingly.

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