National Bank v. Eyre
Supreme Court of Iowa
Appeal from Madison Circuit Court. Action upon a promissory note executed by the defendants to the plaintiff'for borrowed money. The petition shows that the plaintiff is a corporation organized under an act of congress. The defendants admit the execution of the note, but aver that it was given by way of renewal of another note, aiid for money borrowed under a usurious contract, to-wit: A contract to pay interest at the rate of twenty-four per cent per annum.
Read the full summary
Appeal from Madison Circuit Court. Action upon a promissory note executed by the defendants to the plaintiff'for borrowed money. The petition shows that the plaintiff is a corporation organized under an act of congress. The defendants admit the execution of the note, but aver that it was given by way of renewal of another note, aiid for money borrowed under a usurious contract, to-wit: A contract to pay interest at the rate of twenty-four per cent per annum. The plaintiff for reply denied that the contract was usurious, and averred that, if it was, the plaintiff was not subject to the law of…
1Opinion of the CourtAdams, J.
1. irstrnyi national banks: juris-diction. I. Where a national bank loans money upon a usurious contract, such penalties, and only such, can be enforced as are provided in the National Banking Act. Farmers' and Mechanics' National Bank v. Dearing, 1 Otto, 29. Such being the law it is insisted by the plaintiff that the plea of usury against a national bank can be maintained only in a Federal court. The argument is that the forfeiture provided is strictly in the nature of a penalty, and that only United States courts have jurisdiction to punish offenses arising under a United States Statute.'…
2Cases cited7 opinions
- Martin v. Hunter's LesseeSupreme Court of the United States · 1816
- Houston v. MooreSupreme Court of the United States · 1820
- Farmers' & Mechanics' National Bank v. DearingSupreme Court of the United States · 1875
- Hammond v. HoppingNew York Supreme Court · 1835
- Ordway v. Central National BankCourt of Appeals of Maryland · 1877
2 more not listed; retrieve them via the Exa API.
3Cited by4 opinions
- Edworthy v. Iowa Savings & Loan Ass'nSupreme Court of Iowa · 1901
- Kassing v. OrdwaySupreme Court of Iowa · 1897
- Pardoe v. Iowa State National BankSupreme Court of Iowa · 1898
- Ingraham v. Merchants National BankSupreme Court of Iowa · 1911