Kitchen v. Br. Bank at Mobile
Supreme Court of Alabama
Writ of Error to the Circuit Court of Mobile. Before the Hon. J. Bragg. The defendants in error moved the circuit court for judgment against the plaintiffs, on a promissory note made by them, bearing date the 5th of January, 1843, for the sum of $8,900, due at six months.
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Writ of Error to the Circuit Court of Mobile. Before the Hon. J. Bragg. The defendants in error moved the circuit court for judgment against the plaintiffs, on a promissory note made by them, bearing date the 5th of January, 1843, for the sum of $8,900, due at six months. An issue was made up, and submitted to a jury, and in the progress of the trial, a bill of exceptions was sealed by the presiding judge, which shows that the note was discounted by the bank, and about the time, or shortly after the note was taken, the plaintiffs in error made an agreement with the defendants, by which twenty…
1Opinion of the CourtDargan, J.
The only question is, what interest did the debt bear, after-the expiration of six months, when the note, by its terms, fell due ? The bank, by its charter, is authorized to discount notes expressly made payable and negotiable at the bank, at a rate of interest not exceeding six per cent, per annum; -notes having from six to nine months to run, at the rate of seven per cent, per annum; and notes having from nine to twelve months to run, at the rate of eight per cent, per annum. The rate at which the bank is, authorized to discount, depends on the time the note has to run before maturity. If…
2Cases cited1 opinion
- Branch Bank v. HarrisonSupreme Court of Alabama · 1840
3Cited by10 opinions
- Cromwell v. County of SacSupreme Court of the United States · 1878
- Union Institution for Savings v. City of BostonMassachusetts Supreme Judicial Court · 1880
- Barbour v. TompkinsWest Virginia Supreme Court · 1888
- Borders v. BarberSupreme Court of Missouri · 1884
- Gray v. DurlandNew York Supreme Court · 1867
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