English Lumber Co. v. Wachovia Bank & Trust Co.
Supreme Court of North Carolina
Appeal by defendants from Bay, J., at tbe July Term, 1920, of BuNoombe. Tbis is an action to recover tbe penalty for usurious interests alleged to bave been paid by tbe plaintiff to tbe defendant. Tbe defendant denied tbat usury was charged or paid, and pleaded tbe statute of limitations.
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Appeal by defendants from Bay, J., at tbe July Term, 1920, of BuNoombe. Tbis is an action to recover tbe penalty for usurious interests alleged to bave been paid by tbe plaintiff to tbe defendant. Tbe defendant denied tbat usury was charged or paid, and pleaded tbe statute of limitations. A reference was ordered,'and upon tbe report being made, wbicb was in favor of tbe defendant, exceptions were filed by tbe plaintiff, and upon tbe bearing tbe material findings of fact and conclusions of law of tbe referee were reversed, additional findings made by tbe court, and judgment rendered in favor…
1Opinion of the CourtAllen, J.
The findings of fact by the court are conclusive upon us as there is no exception that there is no evidence to support them (Eggers v. Stanbury, 177 N. C., 85), and they make out a case of usury against the defendant.
It is found as a fact that the charge of commissions of 1 per cent at one time, and two-thirds of 1 per cent at another “was an attempted device by which the bank would receive a greater than 6 per cent income from its loans as the conditions for making such loans,” which comes directly within the authority of Arrington v. Goodrich, 95 N. C., 467, which bolds that a commission…
2Cases cited7 opinions
- Stokes v. . TaylorSupreme Court of North Carolina · 1889
- Planters National Bank of Virginia v. Wysong & Miles Co.Supreme Court of North Carolina · 1919
- Arrington v. . GoodrichSupreme Court of North Carolina · 1886
- Slover v. Union BankTennessee Supreme Court · 1905
- Hollingsworth v. . AllenSupreme Court of North Carolina · 1918
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