American Timber & Trad. Co. v. First Nat. Bank of Oregon

MEMORANDUM OPINION

ALFRED T. GOODWIN, District Judge:

On an agreed statement of facts and cross-motions for summary judgment, the court has for decision a segregated question whether the rates of interest charged certain borrowers by the defendant bank are usurious under 12 U. S.C. § 86. The National Banking Act incorporates the maximum-interest law of the state or territory where a national bank does business. 12 U.S.C. § 85.

During recent periods of high demand for commercial loans, the defendant charged certain individual and corporate borrowers interest computed respectively at 10% and 12%…