Schermerhorn Against Talman and Others.

Summary

The Court held that the transaction between Schermerhorn and the Trust Company was a loan of money, was usurious, and therefore void, granting the plaintiff equitable relief despite his participation in an illegal transaction. The Court also ruled that the charter violation of the Trust Company did not invalidate the transaction and ordered the cancellation of the bond, payment of the loan amount with interest, and conveyance of the land to the plaintiff.