Rayner v. American Life Insurance & Trust Co.

Saratoga Chancery Court

Rayner v. American Life Insurance & Trust Co.

1 Sarat. Ch. Sent. 85

DecidedJanuary 22, 1842

StatusPublished

This text of 1 Sarat. Ch. Sent. 85 (Rayner v. American Life Insurance & Trust Co.) is published on Counsel Stack Legal Research, covering Saratoga Chancery Court primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Rayner v. American Life Insurance & Trust Co., 1 Sarat. Ch. Sent. 85 (N.Y. Super. Ct. 1842).

Pincite

Opinion

In this case the chancellor decided that, to constitute usury,there must be a corrupt agreement by the borrower to give, cither directly or indirectly, more than 7 per cent for the use of the money loaned. That a mere retainer, by the lender, of something which the borrower never intended to agree to give him, will not constitute usury. That the usurious agreement must also be distinctly set up in the pleadings, so that it may be seen what the corrupt agreement, if any was made, really ivas. Injunction dissolved, with costs.

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In this case the chancellor decided that, to constitute usury,there must be a corrupt agreement by the borrower to give, cither directly or indirectly, more than 7 per cent for the use of the money loaned. That a mere retainer, by the lender, of something which the borrower never intended to agree to give him, will not constitute usury. That the usurious agreement must also be distinctly set up in the pleadings, so that it may be seen what the corrupt agreement, if any was made, really ivas. Injunction dissolved, with costs.

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Bluebook (online)

1 Sarat. Ch. Sent. 85, Counsel Stack Legal Research, https://law.counselstack.com/opinion/rayner-v-american-life-insurance-trust-co-nychanctsara-1842.