Hade v. McVay
Ohio Supreme Court
Error to the Court of Common Pleas of Richland county reserved in the district court. The action below was brought in the court of common pleas by the plaintiff', as receiver of the Eirst National Bank of Mansfield, appointed by the Controller of the Currency, under the national banking act, against the defendants, McYay, Allison & Co., drawers, and Walter Gledliill, acceptor, of a bill of exchange. The bill was drawn for $3,000, and indorsed by the drawers to the bank.
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Error to the Court of Common Pleas of Richland county reserved in the district court. The action below was brought in the court of common pleas by the plaintiff', as receiver of the Eirst National Bank of Mansfield, appointed by the Controller of the Currency, under the national banking act, against the defendants, McYay, Allison & Co., drawers, and Walter Gledliill, acceptor, of a bill of exchange. The bill was drawn for $3,000, and indorsed by the drawers to the bank. Before-the commencement of the action $1,500 had been paid thereon. The answer, among other things, alleged that McYay,…
1Opinion of the CourtBoynton, J.
The rights of the parties became fixed before the approval of the Revised Statutes of the United States; and in so far as the case is affected by the national banking act, it is governed by the act of 1864.
Section 30 of that act, among other things, provided that, the banking association might take and reserve, on any loan or discount made, . . . interest at the rate allowed by the laws of the state where the bank was located, and that “ the knowingly taking, receiving, reserving, or charging a rate of interest greater than aforesaid, shall be held and adjudged a forfeiture of the entire…
2Cases cited19 opinions
- Martin v. Hunter's LesseeSupreme Court of the United States · 1816
- Claflin v. HousemanSupreme Court of the United States · 1876
- Farmers' & Mechanics' National Bank v. DearingSupreme Court of the United States · 1875
- Dash v. Van KleeckNew York Supreme Court · 1811
- Bank of Bethel v. Pahquioque BankSupreme Court of the United States · 1872
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