Buttrick v. Harris
U.S. Circuit Court for the District of Wisconsin
At law. The note in suit was given by defendants, John S. Harris and Albert B. Harris, to the plaintiff, in the city of Milwaukee, by which they promise to pay to the order of the plaintiff, two years after date, at the Marine Bank, in said city, three thousand dollars, with interest at the rate of twelve per cent, per annum, said interest payable semi-annually with exchange on Boston, on said principal, and interest not exceeding one per cent.
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At law. The note in suit was given by defendants, John S. Harris and Albert B. Harris, to the plaintiff, in the city of Milwaukee, by which they promise to pay to the order of the plaintiff, two years after date, at the Marine Bank, in said city, three thousand dollars, with interest at the rate of twelve per cent, per annum, said interest payable semi-annually with exchange on Boston, on said principal, and interest not exceeding one per cent. It appeared in evidence that the plaintiff resided in the State of Massachusetts, near Boston, that he had money loaned out in Milwaukee, which on…
1Opinion of the Court
MILLER, District Judge.
The law of the state of Wisconsin, under which the contract was made, prohibited all corporations and persons from taking directly or indirectly any greater sum for the loan or forbearance of money than twelve per cent. And all notes or securities, whereby there was reserved or secured a rate of interest exceeding twelve per cent., were declared to be valid and effectual to secure the repayment of the actual sum loaned without interest. The present law of the state limits the rate of interest to seven per cent.
It is well settled that upon a contract for the loan of…
2Cases cited6 opinions
- Cleveland v. LoderNew York Court of Chancery · 1839
- Seneca County Bank v. SchermerhornCourt for the Trial of Impeachments and Correction of Errors · 1845
- State Bank v. EnsmingerIndiana Supreme Court · 1844
- Oliver Lee Co's Bank v. . WalbridgeNew York Court of Appeals · 1859
- Towslee v. DurkeeWisconsin Supreme Court · 1860
1 more not listed; retrieve them via the Exa API.
3Cited by1 opinion
- Blaisdell v. SteinfeldArizona Supreme Court · 1914