First National Bank of Whitehall v. Lamb
New York Supreme Court
THE plaintiff in each of these actions is a “ national bank,” organized under the act of congress of June 3d, 1864. The actions are severally upon promissory notes, against the makers and indorsers: The defendants all reside within this State, and the notes were made and negotiated in this State. The defense set up was usury, in corruptly taking more than seven per cent per annum for the loan of money,, whereby the said notes were void.
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THE plaintiff in each of these actions is a “ national bank,” organized under the act of congress of June 3d, 1864. The actions are severally upon promissory notes, against the makers and indorsers: The defendants all reside within this State, and the notes were made and negotiated in this State. The defense set up was usury, in corruptly taking more than seven per cent per annum for the loan of money,, whereby the said notes were void. The judge, at the circuit, held that the State laws against usury did not apply to banks organized under this act of congress. This is the question discussed…
1Opinion of the Court
By the Court, Potter, J.
Two objections raised in these cases, one relating to the practice on the trial, the other to the sufficiency of proof of the plaintiff’s articles of association, have no sufficient merit to' require much examination at our hands. The learned judge, on the trial, held that the statutes of the State of Uew York against usury do not apply to loans made by banks organized under the act of congress passed June 3, 1864, entitled “An act to provide a national currency secured by a pledge of State, bonds, and to "provide fo.r the circulation and redemption thereof.” This…
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