Potomac Co. v. Union Bank of Georgetown
U.S. Circuit Court for the District of District of Columbia
Assumpsit for money had and received. The defendants had refused to pay money deposited by the plaintiffs, whereby the defendants had incurred the penalty of twelve per cent, interest for 106 days, at the end of which period they paid the actual sum deposited with simple interest at six per cent. The balance claimed was $210.49. But before the defendants paid the deposit, the plaintiffs brought suit for the whole deposit, with twelve per cent, interest.
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Assumpsit for money had and received. The defendants had refused to pay money deposited by the plaintiffs, whereby the defendants had incurred the penalty of twelve per cent, interest for 106 days, at the end of which period they paid the actual sum deposited with simple interest at six per cent. The balance claimed was $210.49. But before the defendants paid the deposit, the plaintiffs brought suit for the whole deposit, with twelve per cent, interest. The defendants refused to pay the twelve per cent., but paid the principal, which the plaintiffs received. cited Tillotson v. Preston, 3…
1Opinion of the Court
By the Act of Congress of March 2,1821, [3 Stat. at Large, 618,] “to extend the charters of certain banks in the District of Columbia,” if the bank refuses to pay a deposit, on demand, the depositor is “ entitled to receive and recover interest on the same at the rate of twelve per cent, per annum.”
2Cited by1 opinion
- Taylor v. DoddNew York Supreme Court · 1873