Henderson National Bank v. Alves
Court of Appeals of Kentucky
Case 23 — PETITION ORDINARY — APPEAL PROM HENDERSON CIRCUIT COURT. 1. If a plaintiff wishes to waive his common law remedy for the recovery of usury, and rely upon the action given by section 5198 of the Revised Statutes of the United States, he should declare upon that statute. (Bell v. Morris, 79 Ky., 48; Judy v. Howard, 2 Met., 46.) 2. The petition is fatally defective in failing to allege that the usurious interest was knowingly taken.
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Case 23 — PETITION ORDINARY — APPEAL PROM HENDERSON CIRCUIT COURT. 1. If a plaintiff wishes to waive his common law remedy for the recovery of usury, and rely upon the action given by section 5198 of the Revised Statutes of the United States, he should declare upon that statute. (Bell v. Morris, 79 Ky., 48; Judy v. Howard, 2 Met., 46.) 2. The petition is fatally defective in failing to allege that the usurious interest was knowingly taken. (Schuyler National Bank v. Bolling, 40 N. W. Rep., 411.) 3. As the statute gives the right of action to the legal representative, and an assignee for…
1Opinion of the Court
JUDGE LEWIS
DELIVERED THE OPINION OP THE COURT.
By section 5197, Revised Statutes of the United States, it is, in substance, provided that any banking-association organized under act of Congress may take, receive, reserve or charge on any loan or discount made, or upon any note, bill of exchange, or other evidence of debt, interest at the rate allowed by the laws of the State * * where the bank is located, and no more. Section 5198 is as follows: “The taking, receiving, reserving or charging a rate of interest greater than is allowed by the preceding section, when *145knowingly done, shall be…
2Cases cited4 opinions
- Claflin v. HousemanSupreme Court of the United States · 1876
- Ordway v. Central National BankCourt of Appeals of Maryland · 1877
- Bell v. NorrisCourt of Appeals of Kentucky · 1880
- Newby v. PerkinsCourt of Appeals of Kentucky · 1833
3Cited by9 opinions
- Waldner v. Bowden State BankNorth Dakota Supreme Court · 1904
- First Nat. Bank of Mill Creek v. EllisSupreme Court of Oklahoma · 1911
- Louisville Trust Co. v. Kentucky Nat. BankU.S. Circuit Court for the District of Kentucky · 1898
- Boerner v. Traders' National BankTexas Supreme Court · 1897
- Marion National Bank v. ThompsonCourt of Appeals of Kentucky · 1897
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