Real Estate Finance Corp. v. Johnson

Headnote

Bills, notes and checks — usury — action to recover upon promissory note — defense of usury — reasonable charge for services in financing building project.

Beal Estate Finance Corp. v. Johnson, 215 App. Div. 769 , affirmed.

Appeal from a judgment of the Appellate Division of the Supreme Court in the first judicial department, entered January 9, 1926, affirming a judgment in favor of plaintiff entered upon a verdict directed by the court in an action to recover upon a promissory note. The defense was usury, the answer alleging that the note in suit was a renewal note in place of a note for $10,000 given upon an usurious agreement whereby the plaintiff exacted and took $800, in addition to legal interest, for the use of the money for a period of seventy-five days. The trial court held that the parties intended the $800 to be a payment for services in financing a building project in which plaintiff was interested and that the amount was a reasonable charge for the work done.

Judgment affirmed, with costs;