Edward Livingston, Appellant v. Benjamin Story Book Reviews

Edward Livingston, Appellant v. Benjamin Story by United States Supreme Court Book Summary

ON appeal from the district court of the United States for the eastern district of Louisiana. On the 25th of July 1832, the appellant, Edward Livingston, filed a bill of complaint in the district court, by his solicitors; stating that on or about the 25th of July 1822, being in want of money, he applied to Benjamin Story and John A. Fort, of the city of New Orleans, who agreed to lend to him the sum of 22,936 dollars; of which a part only was paid in cash, part in a note of John A. Fort, and 8000 dollars, parcel of the said sum, was agreed to be afterwards paid to one John Rust, for the purpose and in the manner afterwards stated. To secure the repayment of the money and interest, at the rate of eighteen per cent per annum, he conveyed to Fort and Story certain property, with the improvements on the same, situated on the Batture in New Orleans, owned by him. When this property was so conveyed, Fort and Story delivered to him a counter letter, by which they agreed to reconvey the property to him on the payment of 25,000 dollars (being the sum advanced and the interest) on the 1st day of February then next; but if the same was not paid on that day, the property should be sold; and after paying the sum of 25,000 dollars and the costs of sale, the residue should be repaid to him. At the time of the sale, the whole property was covered with an unfinished brick building, intended for fifteen stores; and a contract had been made with John Rust to finish the buildings for 8000 dollars. Story agreed to pay the 8000 dollars to Rust, and this was with the interest at eighteen per cent on it, a part of the 25,000 dollars to be repaid on the 1st day of February 1823. The property was, at the time of the loan, worth 60,000 dollars, and is now worth double the sum.

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