Hemenway v. Cropsey

Citations

• 37 Ill. 357

Syllabus

<p>1. Usubt—when can not he set up. If a note, drawing ten per cent, interest on its face, is assigned before maturity, for a valuable consideration, and without notice, the maker can not set up as a defence, under the act of 1849, that it was not given for money loaned.</p> <p>2. Same. There is no substantial difference between the acts of 1845 and 1849, as to the defence of usury, except as to the extent of the forfeiture. Neither act makes the contract void, and under neither act can the defence of usury be made against the innocent assignee of a note who has taken it before maturity, and without notice, for a valuable consideration.</p>