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13 N.J. Eq. 66

Ware v. Thompson's Administrators

New Jersey Court of Chancery

Decided May 15, 1860

New Jersey Court of Chancery · decided 1860-05-15

Bill for discovery, relief, and injunction to restrain proceedings at law.

Good law ✅— No negative treatment on recordhow we know

Decided 1860-05-15

How this case has been cited

Cited by 5 later decisions — most recently November 1930

5 state decisions

2018601870188018901900191019201930decided

Later decisions citing this case, by decade. The current decade is in progress, and our corpus holds fewer opinions from the most recent years, so the latest bars are undercounted — not a real decline.

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The Ciiancisllob.

¶11. Upon the case made by the bill, the bond itself was not in its inception usurious. Upon its face it is made for a legal rate of interest. There is no charge that it was made upon a corrupt agreement. The mere fact that a part of the loan was withheld as a bonus for the loan, in the absence of any charge of an agreement for that purpose, does not constitute usury. Howell v. Auten, 1 Green’s Ch. 44.

¶2Kor does the taking of usurious interest upon the bond after its consummation render the bond invalid. Sloan v. Towers, 2 Green 510; Ex parte Jennings, 1 Mad. 183, (Am. ed.); Comyn on Usury 187.

¶3The judgment and execution, it is admitted, only seek to enforce the payment of the principal of the bond with the legal rate of interest.

¶42. The bill contains no offer to pay the sum actually due, or that may he found due upon the bond. The rule is well settled, that where a party comes into a court of equity seeking relief against a usurious contract he must offer to pay the sum actually due. If he omit to make such offer the bill is demurrable, and an injunction will not be allowed. Miller v. Ford, 1 Saxton 358; Fanning v. Dunham, 5 Johns. Ch. R. 122: Morgan v. Schermerhorn, 1 Paige 544.

¶5The order for injunction is denied.

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