
    JOHN M. QUACKENBOS, Respondent, v. WILLIAM H. SAYER and others, Appellants.
    Appeal from a judgment in favor of the plaintiff, entered upon the report of a referee.
    The action was brought to foreclose a mortgage, in which action defendant interposed the defense of usury. The plaintiff had delivered to the defendant certain railroad bonds as the consideration of the mortgage, and the question was, whether they were loaned to defendant, or whether there was an actual sale of the bonds, and a purchase of the mortgage, by the plaintiff. The referee found the transaction to be a sale, and ordered judgment for the plaintiff. The General Term held, that the transaction was a loan, and reversed the j udgment.
    
      Daniel Finn, for the appellants.
    
      S. W. Fullerton and J. M. Wilkin, for the respondent.
   Opinion by Barnard, P. J.

Present— Barnard, P. J., Tappen and Talcott, JJ.

Judgment reversed and new trial ordered, costs to abide the event.  