Davey v. First Nat. Bank of Deadwood
South Dakota Supreme Court
Appeal from circuit court, Lawrence county. Hon. A. J. Peowman, Judge. Action to recover statutory penalty for taking usurious interest. Judgment for plaintiffs, and defendant appeals. The facts are stated in the opinion.
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Appeal from circuit court, Lawrence county. Hon. A. J. Peowman, Judge. Action to recover statutory penalty for taking usurious interest. Judgment for plaintiffs, and defendant appeals. The facts are stated in the opinion. If any of the items of interest were cancelled or covered by a credit on the open account, of the proceeds of promissory notes given by plaintiffs, or upon which they were liable as endorsers, given to reduce the amount of the overdrafts, the agreement to pay such interest was thereby merged into a contract in writing, and such payment, if made, was not usurious. Guild v.…
1Opinion of the CourtKellam, J.
The respondents, as plaintiffs, brought this action against defendant, a national bank, to recover the statutory penalty provided in Sec. 5198, Rev. St. U. S. It is alleged that from the 25th day of August, 1882, to the 23d day of November, 1883, the plaintiff paid to the defendant certain sums of money as usurious interest, upon contracts not in writing. During the time named the defendant bank carried upon its books an open account in the name of John H. Davey, but in which it is conceded both parties plaintiff were interested. The evidence tended to show that the plaintiffs were carrying…
2Cases cited1 opinion
- Hall v. First National BankNebraska Supreme Court · 1890
3Cited by3 opinions
- Schwab Safe & Lock Co. v. SnowUtah Supreme Court · 1915
- First Nat. Bank of Tishomingo v. LathamSupreme Court of Oklahoma · 1913
- Davey v. First Nat. BankSouth Dakota Supreme Court · 1897