Merchants Bank v. Lutterloh
Supreme Court of North Carolina
Civil ActioN tried at Spring Term, 1879, of CUMBERLAND Superior Court, before McKoy, J. The plaintiff bank alleged that on the 4th of March, 1875, the defendant, Lutterloh, promised by his promissory note to pay his co-defendant, T. J. Jones, the sum of three hundred and fifty-five dollars, sixty days thereafter, with interest at eight per cent from maturity; and that the defendant, Jones, endorsed the same to plaintiff.
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Civil ActioN tried at Spring Term, 1879, of CUMBERLAND Superior Court, before McKoy, J. The plaintiff bank alleged that on the 4th of March, 1875, the defendant, Lutterloh, promised by his promissory note to pay his co-defendant, T. J. Jones, the sum of three hundred and fifty-five dollars, sixty days thereafter, with interest at eight per cent from maturity; and that the defendant, Jones, endorsed the same to plaintiff. The defendants answering alleged that the note was given in renewal of a prior obligation, and that both were usurious; that plaintiff in taking the renewal note sued on,…
1Opinion of the CourtDillard, J.
On the 8th of August, 1871, A. J. Jones drew a bill for $400, payable at sixty days on T. J. Jones, who accepted to pay the same, and after endorsement thereof by T. S. Lutterloh, all for accommodation to the drawer,. A. J. Jones procured A. W. Steel & Oo. to discount the same at the rate of eighteen per centum per annum, or one and a half per cent per month for the time it had to run.
Afterwards Lutterloh, with his co-defendant as surety, executed his note to A. W. Steel & Co. as a substitute for the-original bill drawn by A. J. Jones, and while in their hands several times renewed it at the…
2Cited by4 opinions
- Moore v. . BeamanSupreme Court of North Carolina · 1893
- Gross v. CoffeySupreme Court of Alabama · 1895
- Cobb v. . MorganSupreme Court of North Carolina · 1880
- Webb v. . BishopSupreme Court of North Carolina · 1888