Overholt v. National Bank
Supreme Court of Pennsylvania
Error to the Court of Common Pleas of Westmoreland county: Of October and November Term 1876, No. 242. This was an action of assumpsit, brought by the First National Bank of Mount Pleasant against B. F. and C. S. R. Overholt, trading as B. F. Overholt & Co., upon two promissory notes, dated July 6th 1876, for $2200 and $2000 respectively, at six months, made by B. F. Overholt & Co. to the order of 0. S. R. Overholt, at the First National Bank, and endorsed by 0. S. B.…
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Error to the Court of Common Pleas of Westmoreland county: Of October and November Term 1876, No. 242. This was an action of assumpsit, brought by the First National Bank of Mount Pleasant against B. F. and C. S. R. Overholt, trading as B. F. Overholt & Co., upon two promissory notes, dated July 6th 1876, for $2200 and $2000 respectively, at six months, made by B. F. Overholt & Co. to the order of 0. S. R. Overholt, at the First National Bank, and endorsed by 0. S. B. Overholt and B. F. Overholt & Co., which notes were discounted by said bank. Defendants in their affidavit of defence alleged…
1Opinion of the CourtJustice Sharswood
The 30th section of the Act of Congress of June 3d 1864, under which the defendants in error were organized and incorporated as a national bank declares that “the knowingly receiving, reserving or charging” by a national bank, “ a rate of interest greater than” that lawful in the state in which such bank may be located, “ shall be held and adjudged a forfeiture of the entire interest which the note, bill or other evidence carries with it or which was agreed to be paid thereon; and in case a greater interest has been paid, the person or persons paying the same or their legal representatives…
2Cited by2 opinions
- Marr v. MarrSupreme Court of Pennsylvania · 1885
- Smith v. SmithSuperior Court of Pennsylvania · 1911