Peoples Bank v. Loven
Supreme Court of North Carolina
Civix, actioN tried before Shaw, J., at April Term, 1916, of Avery. This is an action instituted by tbe plaintiff against tbe defendant, tbe administratrix of J. Gr. Loven,. to recover tbe amount of certain notes executed by J. L. Banner, as principal and indorsed by J. GL Loven.
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Civix, actioN tried before Shaw, J., at April Term, 1916, of Avery. This is an action instituted by tbe plaintiff against tbe defendant, tbe administratrix of J. Gr. Loven,. to recover tbe amount of certain notes executed by J. L. Banner, as principal and indorsed by J. GL Loven. J. L. Banner, wbo bad been discharged in bankruptcy and wbo was not a party to tbe action, bad been charged by tbe plaintiff and bad paid interest at tbe rate of 12 per cent per annum on account of tbe loan evidenced by tbe notes sued on, and during tbe course of tbe dealings paid to tbe plaintiff on said loan tbe…
1Opinion of the CourtAilen, J.
This appeal involves tbe construction of tbe first proviso in section 1951 of tbe Revisal, which reads as follows: “That in ant action brought in ant court of competent jurisdiction to recover upon any such note or other evidence of debt, it shall be lawful fob. the PARTY against weom the aotion is brought to plead as a counterclaim the penalty above provided for, ta wit, twice the amount of interest paid as aforesaid, and also the forfeiture of the entire interest.”' (Emphasis ours.)
Tbe question arising under the proviso is whether tbe surety, who-has paid nothing to tbe payee in a note,…
2Cases cited5 opinions
- State v. LeeSupreme Court of North Carolina · 1913
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