Carolina Savings Bank v. Parrott
Supreme Court of South Carolina
Before Kershaw, J., Charleston, November, 1887. This action was commenced April 30, 1886. The appeal ivas from the Circuit decree, which, having found as stated in the opinion, proceeded as follows : My reasons for the foregoing decision are these: The only defence set up is that of usury.
Read the full summary
Before Kershaw, J., Charleston, November, 1887. This action was commenced April 30, 1886. The appeal ivas from the Circuit decree, which, having found as stated in the opinion, proceeded as follows : My reasons for the foregoing decision are these: The only defence set up is that of usury. The usury law of this State (18 Stat., 36) declares that “no greater rate of interest than seven per centum per annum shall be charged, taken, agreed upon, or allowed,- &c., except upon written contract, wherein, by express agreement, a rate of interest not exceeding ten per cent, may be charged.” It is not…
1Opinion of the Court
The opinion of the court was delivered by
Mr. Justice McGowan.
On December 19, 1884, the defendant, J. N. Parrott, and a dozen other persons, signed a note to the Carolina Savings Bank, of which the following is a copy: “$2,000. On the 1st day of November next, we or either of us promise to pay to the Carolina Savings Bank, two thousand dollars for value received, with interest from date at the rate of ten per cent, per annum” — signed by J. N. Parrott and the others. At the time the note was delivered, the sum of $1,984.28 in money was paid to the makers of the note, who from time to time made…
2Cases cited2 opinions
- Fleckner v. President of the Bank of the United StatesSupreme Court of the United States · 1823
- Bank of the United States v. Waggener and OthersSupreme Court of the United States · 1835
3Cited by9 opinions
- Bothwell v. Farmers & Merchants State Bank & Trust Co.Texas Supreme Court · 1930
- Tate v. LenhardtSupreme Court of South Carolina · 1818
- Edwards v. CampbellSupreme Court of South Carolina · 2006
- Merchants & Planters' Bank v. SarrattSupreme Court of South Carolina · 1907
- Globe Indemnity Co. v. Cooper Motor Lines, Inc.Supreme Court of South Carolina · 1945
4 more not listed; retrieve them via the Exa API.