Farmers' & Mechanics' National Bank v. Dearing
Supreme Court of the United States
Error to the Court of Appeals of the State of New York. The facts are stated in the.opinion of the court.. The real question presented in this case is, whether the discount of a- note by a national bank, — organized under the act of Congress, approved June 3, 1864, — at a greater rate of interest than allowed by the statute of the State where such bank is located, renders it liable to the penalty for usury provided by the State statute.
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Error to the Court of Appeals of the State of New York. The facts are stated in the.opinion of the court.. The real question presented in this case is, whether the discount of a- note by a national bank, — organized under the act of Congress, approved June 3, 1864, — at a greater rate of interest than allowed by the statute of the State where such bank is located, renders it liable to the penalty for usury provided by the State statute. The act of June 3, 1864, supersedes the State laws imposing penalties for usury in so far as, they are applicable to national banks. Davis, Receiver, &c. v.…
1Opinion of the CourtJustice Swayne
The question presented for our.determination involves the •construction of the provisions of the national bank act of Congress of the 3d of June, 1864, 13 Stat. 99, upon the subject of the interest to be taken by the institutions organized -under that act. •
The plaintiff in error is one of those institutions.. The thirtieth section of the act declares “ that every association may take, receive, reserve, and charge, on any loan or discount made, or upon any note, bill of exchange, or other evidences of debt, interest at the rate allowed by the laws of the State or Territory where the bank is…
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