McCarthy v. First Nat. Bank of Rapid City
Supreme Court of the United States
error to the supreme court op the state op south DAKOTA. Patrick B. McCarthy, under the provisions of Rev. Stat., § 5198, brought suit against the First National Bank of Rapid City, South Dakota, for twice the amount of interest paid the bank. The complaint alleged that, the maximum legal rate being 12 per’ cent, McCarthy, on August 27, 1887, borrowed from the defendant $4,000, giving therefor promissory notes payable at different dates, each bearing 18 per cent interest.
Read the full summary
error to the supreme court op the state op south DAKOTA. Patrick B. McCarthy, under the provisions of Rev. Stat., § 5198, brought suit against the First National Bank of Rapid City, South Dakota, for twice the amount of interest paid the bank. The complaint alleged that, the maximum legal rate being 12 per’ cent, McCarthy, on August 27, 1887, borrowed from the defendant $4,000, giving therefor promissory notes payable at different dates, each bearing 18 per cent interest. These notes were not paid at maturity, and from time to time were renewed at the same rate. Many payments of usurious…
1Opinion of the CourtJustice Lamar
Section 5198 of the Revised Statutes, under which this suit was brought, provides that “taking, receiving, reserving, or charging” more than a lawful rate of interest, when knowingly done by a national bank, shall be deemed a forfeiture of the entire interest. In case a greater than the lawful rate “has been paid, the person by whom it has been paid, may recover back twice the amount of the interest thus paid, . . . provided such action is commenced. within two years from the time the usurious transaction occurred.”
The debt was created in 1887, was paid in full in January, 1905, and on…
2Cases cited2 opinions
- Brown v. Marion National BankSupreme Court of the United States · 1898
- McBroom v. Scottish Mortgage & Land Investment Co.Supreme Court of the United States · 1894
3Cited by33 opinions
- Haas v. Pittsburgh National BankCourt of Appeals for the Third Circuit · 1975
- Janice Silverman v. Eastrich Multiple Investor Fund, L.PCourt of Appeals for the Third Circuit · 1995
- Evans v. National Bank of SavannahSupreme Court of the United States · 1919
- Baltimore and Ohio Chicago Terminal Railroad Company v. Wisconsin Central LimitedCourt of Appeals for the Seventh Circuit · 1998
- In Re Frank Giorgio and Pauline Giorgio, Debtors. John Boyajian, Trustee v. Alan J. Defusco, Etc.Court of Appeals for the First Circuit · 1988
28 more not listed; retrieve them via the Exa API.