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his personal representatives, the amount of the money so paid or
value delivered, above the rate aforesaid, if such action be brought
within one year after such payment or delivery.

50 N. Y., 49; 51 N. Y., 48; 1 Bosw., 163; 7 Bosw., 168, 567; 46 Barb., 22; 3 Hun, 347;
23 N. Y., 276; 1 N. Y., 286; 11 Barb., 88; 10 Barb., 580; 5 Barb., 133; Cl. Ch., 16,
70, 442; 20 Johns. R., 290; 6 N. Y., 107; 3 N. Y., 345, 471; 29 N. Y., 515; 27 N. Y.,
143; 46 Barb., 21; 41 Barb., 564; 25 How. Pr. R., 326.

[The same.]

TITLE 3.

be recov

overseers

§ 4. If such suit be not brought within the said one year, and When to prosecuted with effect, then the said sum may be sued for and ered by recovered with costs, at any time within three years after the said of the one year, by any overseer of the poor of the town where such pay- pr. ment may have been made, or by any county superintendent of the 49;50 N. Y., poor of the county, in which the payment may have been made.

poor, &c.

49; 1

Bosw., 163.

for greater

§ 5. All bonds, bills, notes, assurances, conveyances, all other con- Contracts tracts or securities whatsoever (except bottomry and respondentia sums void. bonds and contracts), and all deposits of goods or other things whatsoever, whereupon or whereby there shall be reserved or taken, or secured or agreed to be reserved or taken, any greater sum, or greater value, for the loan or forbearance of any money, goods or other things in action, than is above prescribed, shall be void; but this act shall not affect such paper as has been made and transferred previous to the time it shall take effect. [Thus amended by L. 1837, ch. 430.]

51 N. Y., 48; 43 N. Y., 197; 20 Barb., 687; 10 Paige, 76, 580; 9 Paige, 197, 226; 1 Sandf
Ch., 187; 3 Edw., 442; 61 Hill, 512; 1 Sandf., 296; 14 N. Y., 93; 12 N. Y., 223, 495; 9
N. Y., 73, 241; 8 N. Y., 282; 7 N. Y., 328; 6 N. Y., 109, 134, 352; 5 N. Y., 178, 315; 4
N. Y., 226, 363, 463; 32 Barb., 559; 29 Barb., 403; 22 Barb., 118; 21 Barb., 181; 19
Barb., 584; 16 Barb., 548; 14 Barb., 146, 573; 13 Barb., 45, 339, 561; 12 Barb., 360; 11
Barb., 80; 10 Barb., 560; 9 Barb., 647; 5 Barb., 130; 1 Hill, 10, 564; 5 Denio, 240; 24
Wend., 115; 15 Wend., 116; 8 Wend., 353, 550; 7 Wend., 569, 256; 5 Wend., 595, 181;
4 Wend., 652, 679; 3 Wend., 408, 296, 62; 1 Wend., 555; 1 Barb. Ch., 43, 251; 2 Cow.,
712; 19 Johns. R., 149; 5 Duer, 468; 4 Duer, 358, 408; 2 Duer, 52, 509; 1 Duer, 253;
15 How. Pr. R., 29; 34 N. Y., 31; 40 Barb., 361; 55 N. Y., 640; 4 Daly, 418; id, 123;
56 N. Y., 214; 74 N. Y., 607; 14 Hun, 414; 16 Hun, 209; 12 Hun, 574; 52 How. Pr. R.,
387; 70 N. Y., 63; 69 N. Y., 248; 12 Iun, 388; 64 Ń. Y., 294; 61 N. Y., 488; 11 Hun,
119; 15 W. D., 167; 17 W. D., 490, 497; 18 W. D., 570; 17 J. & S., 33; 24 Hun, 281; 25
Hun, 490; 26 Hun, 209; 31 Hun, 106; 33 Hun, 415; 37 Hun, 368; 80 N. Y., 198; 84 N.
Y., 627; 85 N. Y., 450; 87 N. Y., 50; 88 N. Y., 211; 91 N. Y., 525; 94 N. Y., 129, 221;
95 N. Y., 340; 13 Daly, 334; 106 N. Y., 70.

compelled to discover. 28 Hun, 7.

§ 6. Every person offending against the provisions of this title, Offenders shall be compelled to answer on oath any bill that may be exhibited against him in the court of chancery, for the discovery of any sum of money, goods or things in action so taken, accepted or received, in violation of the foregoing provisions, or either of them. [1 R. L., 64, § 4.]

further

penalty.

§ 7. Every person who shall discover and repay or return the Discovery, money, goods, or other things so taken, accepted or received, or the to bar value thereof, shall be acquitted and discharged from any other or further forfeiture, penalty or punishment, which he may have incurred, by taking or receiving the money, goods or other thing so discovered and repaid, or returned, as aforesaid.

Borrower filing bill to pay

not on sums

loaned.

§ 8. Whenever any borrower of any money, goods or things in action, shall file a bill in chancery for a discovery of the money, goods or things in action, taken or received, in violation of either of the foregoing provisions, it shall not be necessary for him to pay, or [773] offer to pay, any interest whatever on the sum or thing loaned; nor principal shall any court of equity require or compel the payment or deposit, 30 Barbe of the principal sum, or any part thereof, as a condition of granting 6277 Hill,

Not to pay

borrowed.

393; 11

relief, to the borrower, in any case of a usurious loan forbidden by Wend., 39; this chapter.

TITLE 3.

10 Paige, 588; 3

Paige, 531, 2 T. & C., Hun, 369; 91

Months and days,

how to be

543; Cl. Ch., 482; 10 Wend., 113; 2 N. Y., 131; 6 N. Y., 107; 49 N. Y., 373; 37 N. Y., 454;
541; 5 Daly, 497; 16 Hun, 487; id., 311; 60 N. Y., 432; 13 Hun, 126; 17 J. & S., 34; 37
N. Y., 525.

§ 9. For the purpose of calculating interest, a month shall be considered 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 interest to be

in certain

cases.

§ 10. Whenever, in any statute, act, deed, written or verbal concalculated tract, or in any public or private instrument whatever, any certain rate of interest is or shall be mentioned, and no period of time is stated for which such rate is to be calculated, interest shall be calculated at the rate mentioned, by the year, in the same manner as if the words "per annum" or "by the year," had been added to such Wend., 360; rate.

7 Paige, 600; 6

Paige, 161;

611; 24

112

3 Hill, 564;

4 Hill, 35, 119, 468, 567; 5 Hill, 523, 547, 608.

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. § 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;

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. § 5. 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.

[Sections 6, 7 and 8 repealed by L. 1886, ch. 593.]

Repeal. § 9. So much of title third, chapter fourth and part second of 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. & S., 279; 60 N. Y., 533, 612; 74 N. Y., 85; 24 Hun, 281. Meaning of the terms used. § 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.'

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[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. § 2. All acts or parts of acts inconsistent with the provisions of this act are hereby repealed.

When six per cent interest law took effect. § 3. 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 warehouse 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 warehouse 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. § 2. All acts or parts of acts inconsistent herewith are hereby repealed.

TITLE 4.

Suspension of ownership of personal property.

Certain

other limi

tations.

1 Lans.,364;

4 id., 239;

5 id., 167; 13 842; 18How. 9, 19; 43 33 Hun, 95;

Accumula-
tions of
interest,
&c.

For what period

mencing

TITLE IV.

Of Accumulations of personal Property, and of expectant Estates in such

Property.

SEC. 1. How long absolute ownership of personal property may be suspended.
2. Other limitations or future interests, etc., subject to first chapter of this part.
3. For what periods accumulations of interest, etc., may be directed.

4. All other directions for accumulation to be void; but in one case, void in part
only.

5. When monies accumulated, etc., may be applied to support, etc., of minor.

SECTION 1. The absolute ownership of personal property shall not be suspended by any limitation or condition whatever, for a longer period than during the continuance and until the termination 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., 334; 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., 394; 15 Barb., 145; 10 Barb., 388; 9 Barb., 344; 7 Barb., 226, 596; 4 Barb., 88, 282; 2 Barb., 470; 7 Paige, 521; 4 Paige, 342; 4 Paige, 30; 2 Sandf. Ch., 377; 2 Edw., 496, 561; 24 Wend., 611; 3 Barb. Ch., 355; 34 N. Y., 609; 31 N. Y., 19; 53 N. Y., 192, 198; 43 N. Y., 382, 498; 47 N. Y., 397; 22 W. D., 395; 12 Ább. 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; 5 Dem., 388, 524.

§ 2. In all other respects, limitations of future or contingent interests in personal property, shall be subject to the rules prescribed in the first chapter of this act, in relation to future estates in lands. N. Y., 272; 28 Barb., 142, 103; 25 Barb, 136; 10 Barb., 388; 4 Paige, 342; 1 Sandf. Ch., Pr. K., 54; 7 Paige, 230, 534; 3 Barb.Ch., 93; 35 N. Y., 371; 4 Hun, 29, 408; 24 N. Y., N. Y., 382; 5 Redf., 278; 1 Dem., 404; 12 Abb. N. C., 299; 28 Hun, 603; 29 Hun, 20, 434; 95 N. Y., 103, 108; 96 N. Y.,201; 98 N. Y., 330.

§ 3. An accumulation of the interest of money, the produce of stock or other income or profits arising from personal property, may be directed by any instrument sufficient in law to pass such personal property as follows:

1. If the accumulation be directed to commence from the date when com- of the instrument, or from the death of the person executing the same, such accumulation must be directed to be made for the benefit of one or more minors then in being, or in being at such death, and to terminate at the expiration of their minority;

from date of instru

ment, &c. [774]

For what period

mencing

to date of instru

2. If the accumulation be directed to commence at any period when com- subsequent to the date of the instrument, or subsequent to the death of the person executing such instrument, it must be directed to commence within the time allowed in the first section of this ment, &c. title, for the suspension of the absolute ownership of personal property, 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.

When other di rections wholly

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., 474 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, 404; 2 Dem., 141; 21 Hun, 1; 26 Hun, 89; 28 Hun, 615; 29 Hun, 20; 92 N. Y., 508; 95 N. Y., 13.

§ 4. All directions for the accumulation of the interest, income or 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 in part.
as respects the time beyond such minority.

7 Barb., 226, 590; 30 Barb., 128; 3 Barb. Ch., 92; 5 Paige, 480; 8 Paige, 128; 7 N. Y.,
538; 16 N. Y., 322; 28 Hun, 615; 29

void.

15 N. Y., 322; 1 Tucker, 485; 4 Barb., 282; 257; 8 N. Y., Hun, 20.

When part taken for

may be education,

§ 5. When any minor, for whose benefit a valid accumulation of the interest or income of personal property shall have been directed, shall be destitute of other sufficient means of support or of educa- &c., or tion, the chancellor, upon the application of such minor or his minor. 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.

8 N. Y., 538.

[Supplementary Title.]
TITLE 4^.

Other Provisions relating to personal Property.

ART. 1.-Certain property declared to be personal.

ART. 2.-Factors, agents and other custodians of personal property.
ART. 3-Unclaimed baggage and other goods.
ART. 4.-Conditional sales of personal property.

ARTICLE FIRST.

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.

ARTICLE SECOND.

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.

73;

4 Denio, 329; 6 N. Y., 374, 380; 18 Hun, 277; 6 Lans., 403; 55 N. Y., 294; 60 N. Y., 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.

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