Branch Bank at Mobile v. Strother
Supreme Court of Alabama
Error to the Chancery Court of Mobile. Before the Hon. A. Crenshaw, Chancellor. The defendant in error filed his bill against the plaintiff, alledging that on the 12th day of February, 1840, he was indebted to the bank, either as principal or surety, in the sum of §29,966 09. That on that day he extended the debt, giving security, and executing six notes, payable on the 1st of February of each year, one due at one year, and one falling due each successive year.
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Error to the Chancery Court of Mobile. Before the Hon. A. Crenshaw, Chancellor. The defendant in error filed his bill against the plaintiff, alledging that on the 12th day of February, 1840, he was indebted to the bank, either as principal or surety, in the sum of §29,966 09. That on that day he extended the debt, giving security, and executing six notes, payable on the 1st of February of each year, one due at one year, and one falling due each successive year. The note due in Feb’y 1841, was for..........§4,340 44 The one due “ 1842,......................4,752 52 The one due “…
1Opinion of the CourtDargan, J.
The State Bank and its Branches, are allowed to discount notes and bills, at different rates, according to the time they have to run before maturity; but there is no special law prescribing the rate of interest these debts shall bear after maturity, consequently the interest they bear after they become due, is regulated by the general interest law of the State, and all bear eight per cent.
On the day of the settlement, all the debts owing by the complainant to the bank were due, and all were bearing eight per cent. The agreement was to extend the whole indebt*57edness, dividing it into six annual…
2Cases cited2 opinions
- President of the Maine Bank v. ButtsMassachusetts Supreme Judicial Court · 1812
- Fulcher v. BakerSupreme Court of Virginia · 1829
3Cited by21 opinions
- American Freehold Land Mortgage Co. v. SewellSupreme Court of Alabama · 1890
- Ward v. ReynoldsSupreme Court of Alabama · 1858
- Martin v. MartinSupreme Court of Alabama · 1860
- Rogers v. TorbutSupreme Court of Alabama · 1877
- Coburn v. CokeSupreme Court of Alabama · 1915
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