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Wend!,329; this chapter.
TITLE 3. relief, to the borrower, in any case of a usurious loan forbidden by 10 Paige, 588; 3 Paige, 531, 543; Cl. Ch., 482; 10 Wend., 113; 2 N. Y., 131; 6 N. Y., 107; 49 N. Y., 373; 37 N. Y., 454; 2 T. & C., 541; 5 Daly, 497; 16 Hun, 487; id., 311; 60 N. Y., 432; 13 Hun, 126; 17 J. & S., 34; 37 Hun, 369;91 N. Y., 525. Months § 9. For the purpose of calculating interest, a month shall be conand days: sidered the twelfth part of a year, and as consisting of thirty days; reckoned. and interest for any number of days, less than a month, shall be
estimated by the proportion which such number of days shall bear
to thirty. How inter. § 10. Whenever, in any statute, act, deed, written or verbal concalculated tract, or in any public or private instrument whatever, any certain in certain
rate of interest is or shall be mentioned, and no period of time is 7 Paige, stated for which such rate is to be calculated, interest shall be calcu600; 6 Paige, 161; lated at the rate mentioned, by the year, in the same manner as if 20 Wend. 611; 24 the words “per annum” or “by the year,” had been added to such 3 Hill, 564; 4 Hill, 35, 119, 468, 567; 5 Hill, 523, 547, 608.
Wend., 30; rate.
L. 1837, Chap. 430 – An act to prevent usury. [Section 1 amends part 2, ch. 4, title 3, § 5, of the Revised Statutes.)
Plaintiff may be examined. 8 2. Whenever in an action at law the defendant shall plead or give notice of the defence of usury, and shall verify the truth of his plea or notice by affidavit, he may, for the purpose of proving the usury, call and examine the plaintiff as a witness, in the same manner as other witnesses may be called and examined.
2 Denio, 159; 6 Hill, 223 ; 5 Hill, 523, 548, 608 ; 4 Hill, 35, 567 ; 3 Hill, 564 ; 7 Paige, 598. Offenders may be compelled to answer. § 3. Every person offending against the provisions of the said title, or of this act, may be compelled to answer on oath any bill that shall be exhibited against him, in the court of chancery, for relief, or discovery, or both.
1 E. D. Smith, 7; 6 Paige, 627.
Offer to pay principal and interest. § 4. Whenever any borrower of money, goods or things in action, shall file a bill in chancery for relief or discovery, or both, against any violation of the provisions of the said title or of this act, it shall not be necessary for him to pay or offer to pay any interest or principal on the sum or thing loaned; nor shall any court of chancery require or compel the payment or deposit of the principal sum or interest, or any portion thereof, as a condition of granting relief or compelling or discovering to the borrower in any case, usurious loans forbidden by said title or by this act. 49 N. Y., 373; 37 N. Y., 454 ; 14 N. Y., 131 ; 3 N. Y., 499; 1 N. Y., 278 ; 30 Barb., 627; 14
Barb., 144; 1 Barb., 278; 3 Paige, 528; 7 Hill, 391 ; 91 N. Y., 535. Power of court of chancery. 85. Whenever it shall satisfactorily appear by the admissions of the defendant, or by proof, that any bond, bill, note, assurance, pledge, conveyance, contract, security, or any evidence of debt, has been taken
or received in violation of the provisions of said title or of this act, the court of chancery shall declare the same to be void, and enjoin any prosecution thereon, and order the same to be surrendered and cancelled.
3 N. Y., 499.
Repeal S 9. So much of title third, chapter fourth and part second oi the Revised Statutes, as is inconsistent with the provisions of this act, is hereby repealed.
L. 1850, Chap. 172- An act to prohibit corporations from interposing the
defence of usury in any action. Defence forbidden. SECTION 1. No corporation shall hereafter interpose the defence of usury in any action. 15 N. Y., 9; 17 Barb., 309; 49 N. Y., 635; 4 T. & C., 182; 6 J. & S., 184 ; 60 N. Y., 612; 63
Barb., 415 ; 1 Hun, 680 ; 5 J. & 8., 279; 60 N. Y., 533, 612; 74 N. Y., 85; 24 Hun, 281. Meaning of the terms used. 8 2. The term corporation, as used in this act, shall be construed to include all associations, and joint-stock companies having any of the powers and privileges of corporations not possessed by individuals or partnerships.
4 T. & C., 600.
L. 1879, Chap. 538 – An act to amend title three, chapter four of part
second of the Revised Statutes, entitled “Of the interest of money." [Section 1 amends section 1 of title 3, chapter 4, part 2 of the Revised Statutes, as shown on p. 2512, ante.] 23 Hun, 578.
Repeal. 82. All acts or parts of acts inconsistent with the provisions of this act are hereby repealed.
When six per cent interest law took effect. 83. This act shall take effect on the first day of January, eighteen hundred and eighty.
L. 1882, Chap. 237 – An act in relation to advances of money upon ware
house receipts, bills of lading, certificates of stock, certificates of deposit and other negotiable instruments.
Rate of interest on loans on warehouse receipts, etc. SECTION 1. In any case hereafter in which advances of money, repayable on demand, to an amount not less than five thousand dollars, are made upon warehonse receipts, bills of lading, certificates of stock, certificates of deposit, bills of exchange, bonds or other negotiable instruments pledged as collateral security for such repayment, it shall be lawful to receive or to contract to receive and collect, as compensation for making such advances, any sum to be agreed upon, in writing, by the parties to such transaction.
Repeal 82. All acts or parts of acts inconsistent herewith are hereby repealed.
Of Accumulations of personal Property, and of expectant Estates in such
2. Other limitations or future interests, etc., subject to first chapter of this part.
SECTION 1. The absolute ownership of personal property shall of ownership of not be suspended by any limitation or condition whatever, for a personal
longer period than during the continuance and until the termination property.
of not more than two lives in being at the date of the instrument containing such limitation or condition; or if such instrument be a will, for not more than two lives in being at the death of the testator. [Act concerning Revised Statutes, passed December 10, 1828, § 15, subd. 31.]
23 N. Y., 69, 83; 29 N. Y., 39, 71; 24 N. Y., 12; 3 T & C, 197; 41 N. Y., 834; 1 Lans.,
264; 3 Lans., 364, 379; 4 Lans., 239; 23 Hun, 223; 1 Hun, 71; 1 Tucker, 79; 1 Redf., 438; 6 N. Y., 322; 13 N. Y., 280; 8 N. Y., 531; 7 N. Y., 242; 32 Barb., 501; 27 Barb., 391; 16 Barb., 145; 10 Barb., 388; 9 Barb., 344; 7 Barb., 226, 596; 4 Barb., 88, 282; 2 Barb., 470; 7 Paige, 521; 4 Paige, 312; 4 Paige, 30; 2 Sandf. Ch., 377; 2 Edw., 496, 561; 24 Wend., 6+1; 3 Barb. Ch, 355; 34 N Y., 619; 31 N. Y., 19; 58 N. Y., 12, 193; 43 N. Y., 382, 498; 47 N. Y., 397; 22 W. D., 395; 12 Abb. N. C., 364; 5 Redf., 278 284; 3 Dem., 18, 126, 360; 25 Hun, 6; 26 Hun, 651; 29 Hun, 20, 295; 37 Hun, 15; 88 N. Y., 92, 823; 89 N. Y., 225; 91 N. Y., 439; 95 N. Y., 403; 96 N. Y., 215; 98 N. Y., 311; 6 Dem.,
388, 524. Certain § 2. In all other respects, limitations of future or contingent inother limi tations.
terests in personal property, shall be subject to the rules prescribed Lans:,364; in the first chapter of this act, in relation to future estates in lands. 4 id., 239; 5 id., 167; 13 N. Y., 272; 28 Barb., 142, 103; 25 Barb., 136; 10 Barb., 388; 4 Paige, 342; 1 Sandf. Ch., 312; 18How. Pr. R., 54 ; 7 Paige, 230, 534; 3 Barb.Ch., 93 ; 35 N. Y., 371 ; 4 Hun, 29, 408 ; 24 N. Y., 9, 19; 43 N. Y., 382 ; 5 Redf., 278 ; 1 Dem., 404; 12 Abb. N. C., 299; 28 Hun, 603 ; 29 Hun, 20, 434; 33 Hun, 95; 95 N. Y., 103, 108 ; 96 N. Y.,201 ; 98 NÀY., 330. Accumula- § 3. An accumulation of the interest of money, the produce of interest,
stock or other income or profits arising from personal property, may &c.
be directed by any instrument sufficient in law to pass such personal
property as follows: For what 1. If the accumulation be directed to commence from the date period when com
of the instrument, or from the death of the person executing the mencing from date same, such accumulation must be directed to be made for the benefit of instru
of one or more minors then in being, or in being at such death, and ment, &c. (774)
to terminate at the expiration of their minority; For what 2. If the accumulation be directed to commence at any period period when com- subsequent to the date of the instrument, or subsequent to the subsequent death of the person executing such instrument, it must be directed to date of
to commence within the time allowed in the first section of this ment, &c. title, for the suspension of the absolute ownership of personal prop
erty, and at some time during the minority of the persons for whose benefit it is intended, and must terminate at the expiration of their minority.
3 T. & C., 198 ; 15 N. Y., 325 ; 8 N. Y., 531 ; 7 N. Y., 257 ; 31 Barb., 82 ; 30 Barb., 128 ;
15 Barb., 139 ; 2 Barb., 248 ; 3 Barb. Ch., 92 ; 5 Paige, 480 ; 4 Paige, 328; 2 Sandf. Ch., 174 : 16 How. Pr. R., 352 ; 2 Barb. Ch.,518 ; 1 Hun, 72 ; 1 Tucker, 485; 3 Redf., 283 ; 23 Hun, 223 ; 64 N. Y., 651 ; 4 Abb. N. C., 268 ; 51 How. Pr. R., 276 ; 70 N. Y., 572 ; 1 Dem., 114, 401 ; 2 Dem., 141 ; 24 Hun, 1 ; 26 Hun, 89; 28 Hun, 616; 29 Hun,
20 ; 92 N. Y., 508 ; 95 N. Y., 13. other di. § 4. All directions for the accumulation of the interest, income or wholly profit of personal property, other than such as are herein allowed,
shall be void; but a direction for an accumulation, in either of the TITLE 4. cases specified in the last section, for a longer term than the minority When void of the persons intended to be benefited thereby, shall be void only is rare., as respects the time beyond such minority.
322; 1 Tuck
er, 485; 4 7 Barb., 226, 590 ; 30 Barb., 128 ; 3 Barb. Ch., 92 ; 5 Paige, 480; 8 Paige, 128; 7 N. Y., 257; 8 N.Y.,
538 ; 16 N. Y., 322; 28' Hun, 615; 29 Hun, 20. $ 5. When any minor, for whose benefit a valid accumulation of When part the interest or income of personal property shall have been directed, taken for shall be destitute of other sufficient means of support or of educa- &c., of
education, tion, the chancellor, upon the application of such minor or his minor.
8 N. Y., 538. guardian, may cause a suitable sum to be taken from the monies accumulated or directed to be accumulated, and to be applied to the support or education of such minor.
Other Provisions relating to personal Property.
ART. 1.-Certain property declared to be personal.
CERTAIN PROPERTY DECLARED TO BE PERSONAL.
L. 1883, Chap. 372-An act in relation to oil wells, fixtures and oil leases.
To be deemed personal property. SECTION 1. All oil wells and all fixtures connected therewith, situate on lands leased for oil purposes and oil interests, and rights held under and by virtue of any lease or contract or other right or license to operate for or produce petroleum oil, shall be deemed personal property for all purposes except taxation, but nothing herein contained shall affect the laws now in force relating to taxation. 35 Hun, 173.
2. This act shall take effect immediately.
FACTORS, AGENTS, AND OTHER CUSTODIANS OF PERSONAL PROPERTY. L 1830, Chap. 179- An act for the amendment of the law relative to
principals and factors or agents. Lien on merchandise. SECTION 1. After this act shall take effect, every person in whose name any merchandise shall be shipped, shall be deemed the true owner thereof, so far as to entitle the consignee of such merchandise to a lien thereon,
1. For any money advanced, or negotiable security given by such consignee, to or for the use of the person in whose name such shipment shall have been made; and,
2. For any money or negotiable security received by the person in whose name such shipment shall have been made, to or for the use of such consignee. 4 Denio, 329 ; 6 N. Y., 374, 380 ; 18 Hun, 277; 6 Lans., 403 ; 55 N. Y., 294; 60 N. Y., 73;
id., 40; 4 Daly, 256 ; 24 N. Y., 521, 638; 28 Barb., 178 ; 20 Wend., 9; 10 Wend., 439; 56 N. Y., 544; 5 Robt., 418.
When to exist. § 2. The lien provided for in the preceding section, shall not exist where such consignee shall have notice, by the bill of lading or otherwise, at or before the advancing of any money or security by him, or at or before the receiving of such money or security by the person in whose name the shipment shall have been made, that such person is not the actual and bona fide owner thereof. 28 Barb., 178; 6 N. Y., 374.
In what case the factor or agent is deemed the true owner. 8 3. Every factor or other agent, entrusted with the possession of any bill of lading, custom-house permit, or warehouse-keeper's receipt for the delivery of any such merchandise, and every such factor or ageni not having the documentary evidence of title, who shall be entrusted with the possession of any merchandise for the purpose of sale, or as a security for any advances to be made or obtained thereon, shall be deemed to be the true owner thereof, so far as to give validity to any contract made by such agent with any other person, for the sale or disposition of the whole or any part of such merchandise, for any money advanced, or negotiable instrument or other obligation in writing given by such other person upon the faith thereof. 1 Sweeny, 436 ; 1 Hun, 196 ; 3 T. & C., 693 ; 6 N. Y., 374 ; 3 Denio, 472; 1 E. D. Smith, 7;.
4 Denio, 323 ; 45 N. Y., 620; 1 Bosw., 504 ; 7 Daly, 232 ; 18 Hun, 387; 16 Abb. Pr., N. S., 411; 71 N. Y., 353; 10 J. & S., 522; 60 N. Y., 40; id., 73; 61 N. Y., 283; 19 Hun,
21 ; 18 Hun, 277; 74 N. Y., 568; id., 587; 34 Hun, 534 ; 106 N. Y., 203. Right in case of deposit. § 4. Every person who shall hereafter accept or take any such merchandise in deposit from any such agent, as a security for any antecedent debt or demand, shall not acquire thereby, or enforce any right or interest in or to such merchandise or document, other than was possessed or might have been enforced by such agent at the time of such deposit.
3 Denio, 472.
Rights of the true owner of merchandise. 5. Nothing contained in the two last preceding sections of this act, shall be construed to prevent the true owner of any merchandise so deposited, from demanding or receiving the same, upon repayment of the money advanced, or on restoration of the security given, on the deposit of such merchandise, and upon satisfying such lien as may exist thereon in favor of the agent who may have deposited the same; nor from recovering any balance which may remain in the hands of the person with whom such merchandise shall have been deposited, as the produce of the sale thereof, after satisfying the amount justly due to such person by reason of such deposit.
6 N. Y., 374.
Common carrier. g 6. Nothing contained in this act shall authorize a common carrier, warehouse-keeper, or other person to whom merchandise or other property may be committed for transportation or storage only, to sell or hypothecate the same.
1 Bosw., 505 ; 102 N. Y., 120.
Powers of the court of chancery. 8 8. Nothing contained in the last preceding section, shall be construed to prevent the court of chancery from compelling discovery, or granting relief upon any bill to be filed in that court by the owner of any merchandise so entrusted or consigned, against the factor or agent by whom such merchandise shall have been applied or sold contrary to the provisions of the said section, or against any person who shall have been knowingly a party to such frandulent application or sale thereof; but no answer to any such bill shall be read in evidence against the defendant making the same, on the trial of any indictment for the fraud charged in the bill.