Clarkson v. Finance Co. of America at Baltimore

ALBERT V. BRYAN, Circuit Judge.

The North Carolina usury law was invoked in this case, after its removal to the District Court from the North Carolina State court, by Francis O. Clarkson, Jr., receiver of the Credit Company, Inc. of Charlotte to recover double the amount of the interest, the prescribed penalty, paid by his company under a loan agreement with The Finance Company of America at Baltimore, Maryland. Concededly usurious under the North Carolina statute, the interest collected by Finance was not unlawful in Maryland, whose laws Finance pleads governed the transaction. A verdict was…