Robinson v. Cropsey

Citations

• 6 Paige Ch. 480
• 1837 N.Y. LEXIS 283
• 1837 N.Y. Misc. LEXIS 92

Syllabus

<p>A sale by one tenant in common to his co-tenant of his undivided share of the property in consideration of the discharge of previous debts, with an agreement that the vendee shall convey to the veneer the whole property held in common upon his paying a specified sum at the end of,one year, together with the value of the improvements made in the meantime; Held a valid agreement of sale and repurchase, and not a mere mortgage.</p> <p>As a general rule, where there is an application for a loan of money, the court for the purpose of preventing usury and extortion will construe an' agreement for a sale and repurchase of property to be a' mortgage,- in case the person to whom the application for the loan is made agrees to receive back his money and interest or a larger sum within a specified time, and to reconvey the property, whatever form the writing may be put in, if the' real object of the transaction was a loan- of money. And the relative value of the property and of the price actually advanced or paid are taken' into consideration in determining the nature of the transaction.</p>