National Bank of Madison v. Davis
U.S. Circuit Court for the District of Indiana
Assumpsit on a promissory note. The plaintiff, on the 19th of May, 1869, for the defendants, Jacob Davis [and others] discounted his note for $3,000 at four months, with two índorsérs, at the rate of 12 per cent, per annum, paying Davis the proceeds less $12S.50, the interest reserved.
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Assumpsit on a promissory note. The plaintiff, on the 19th of May, 1869, for the defendants, Jacob Davis [and others] discounted his note for $3,000 at four months, with two índorsérs, at the rate of 12 per cent, per annum, paying Davis the proceeds less $12S.50, the interest reserved. There were divers renewals of this note, each renewal being for .the full amount of the principal, Davis actually paying the interest in advance, the bank reserving nothing out of the proceeds of the discount. The indorsers were accommodation indorsers, and there were different indorsers upon different…
1Opinion of the Court
GRESHAM, District Judge.
Section 30 of the national bank act (13 Stat. 108), approved June 3,1864, reads as follows:
“Section 30. And be it further enacted, that every association may take, receive, reserve, and charge on any loan or discount made, or upon any note, bill of exchange, or other evidence of debt, interest at the rate allowed by the laws of the state or territory where the bank is located, and no more, except that where, by the laws of any state, a different rate js limited for banks of issue organized under state laws, the rate so limited shall be allowed for associations…
2Cases cited1 opinion
- Farmers' & Mechanics' National Bank v. DearingSupreme Court of the United States · 1875
3Cited by3 opinions
- Lake Benton First National Bank v. WattSupreme Court of the United States · 1902
- Louisville Trust Co. v. Kentucky Nat. BankU.S. Circuit Court for the District of Kentucky · 1898
- Person v. MattsonNorth Dakota Supreme Court · 1916