Daggs v. Phœnix National Bank
Supreme Court of the United States
APPEAL FROM THE SUPREME COURT OF THE TERRITORY OF ARIZONA. This cause embraces three suits brought by the Phoenix National Bank against A. J. and R. E. Daggs, defendants in error. They were respectively numbered-2554, 2555 and 2556, and were consolidated by stipulations of the parties. They were brought to recover on three promissory notes, aggregating the sum of $9741.73, signed' by A. J. Daggs, one of the appellants.
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APPEAL FROM THE SUPREME COURT OF THE TERRITORY OF ARIZONA. This cause embraces three suits brought by the Phoenix National Bank against A. J. and R. E. Daggs, defendants in error. They were respectively numbered-2554, 2555 and 2556, and were consolidated by stipulations of the parties. They were brought to recover on three promissory notes, aggregating the sum of $9741.73, signed' by A. J. Daggs, one of the appellants. Each note was dated November 1, 1894, and payable on or before one year from date, with interest at the rate of ten per cent per annum. Also, to foreclose certain mortgages…
1Opinion of the CourtJustice McKenna
We are confined by the record to the points passed on by the Supreme Court of the Territory, to wit, the defence of usury, and-the motion for judgment on the counter-claim.
(1.) By section 5197 of the Kevised Statutes of the United States a national bank may charge on-any note interest at the. rate allowed by the laws of the State or Territory where it is situated. It is further provided, however, that if no rate is fixed ,by such laws the bank may not charge a greater rate than 7 per cent, and if a greater rate be knowingly charged, the entire interest agreed to be paid shall be forfeited.…
2Cases cited2 opinions
- Tiffany v. National Bank of Mo.Supreme Court of the United States · 1874
- National Bank v. JohnsonSupreme Court of the United States · 1881
3Cited by30 opinions
- Greenwood Trust Company v. Commonwealth of MassachusettsCourt of Appeals for the First Circuit · 1992
- Smiley v. CitibankCalifornia Supreme Court · 1995
- First National Bank in Mena, Cross-Appellee v. Jack A. Nowlin, Cross-AppellantCourt of Appeals for the First Circuit · 1975
- Tully v. Citibank (South Dakota), N.A., Texas Court of Appeals, 6th District (Texarkana)2005
- Northway Lanes v. Hackley Union National Bank And Trust CompanyCourt of Appeals for the Sixth Circuit · 1972
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