Fitzsimons v. Baum
Supreme Court of Pennsylvania
Error to the District Court of Allegheny county. This was a scire facias by William P. Baum, administrator, &c., of Thomas Wallace, on a mortgage given by Wallace to David Fitzsimons and John A. Fitzsimons, the plaintiffs, bearing date the 28th of June 1858, to secure the payment of $43,200, payable in five annual instalments ; the first of said instalments in two years with interest, payable semi-annually, for which twelve promissory notes recited in the mortgage, payable…
Read the full summary
Error to the District Court of Allegheny county. This was a scire facias by William P. Baum, administrator, &c., of Thomas Wallace, on a mortgage given by Wallace to David Fitzsimons and John A. Fitzsimons, the plaintiffs, bearing date the 28th of June 1858, to secure the payment of $43,200, payable in five annual instalments ; the first of said instalments in two years with interest, payable semi-annually, for which twelve promissory notes recited in the mortgage, payable respectively at the dates aforesaid, were given. The mortgage provided “that in case default be made in the payment of…
1Opinion of the Court
The opinion of the court was delivered, by
Woodward, J.
Our Act of Assembly of 28th May 1858, relating to interest, fixes the lawful rate of interest at 6 per cent, for the loan or use of money in all cases where no express contract shall have been made for a less rate ; but when any rate higher than 6 per cent, per annum shall have been “ reserved or contracted for,” the debtor shall not be required to pay the creditor the excess over the legal rate, but may at his option retain and deduct such excess from the amount of the debt.
This act- is not only a substitution for, but an express repeal…
2Cases cited4 opinions
- Wendell v. Van RensselaerNew York Court of Chancery · 1815
- Scott v. LloydSupreme Court of the United States · 1835
- Chamberlain v. M'ClurgSupreme Court of Pennsylvania · 1844
- Hillman v. StumphIndiana Superior Court · 1873
3Cited by5 opinions
- Weiner v. Bank of King of PrussiaDistrict Court, E.D. Pennsylvania · 1973
- Commonwealth v. HillSuperior Court of Pennsylvania · 1911
- Garbarini v. American Snyder B. & L. Ass'nSuperior Court of Pennsylvania · 1934
- All Purpose Finance Corp. v. D'AndreaSupreme Court of Pennsylvania · 1967
- All Purpose Finance Corp. v. D'AndreaSupreme Court of Pennsylvania · 1967