Citizens' Nat. Bank of Kansas City v. Donnell
Supreme Court of the United States
ERROR TO THE SUPREME COURT OF THE STATE OF MISSOURI. The facts are stated in the opinion. The national banking act authorizes the taking of the highest rate allowed by the State. The State allowed eight per cent and the bank never took over seven and a half per cent.. The interest on the overdraft at twelve per cent only amounted to $14.51 and the principle of rde minimis applies. The question of what is compound interest is one for the court.
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ERROR TO THE SUPREME COURT OF THE STATE OF MISSOURI. The facts are stated in the opinion. The national banking act authorizes the taking of the highest rate allowed by the State. The State allowed eight per cent and the bank never took over seven and a half per cent.. The interest on the overdraft at twelve per cent only amounted to $14.51 and the principle of rde minimis applies. The question of what is compound interest is one for the court. The method of business to be pursued by a national bank cannot be prescribed by a state statute;- it rests upon higher authority. Tyler on Usury, 244.…
1Opinion of the CourtJustice Holmes
This is a writ of error to the Supreme Court of' Missouri on the ground that the plaintiff in error is denied the rights with regard to charging interest conferred upon it by the national banking act. Rev. Stat. §§ 5197, 5198. The suit was brought by the plaintiff in error upon a promissory note-for .twenty thousand dollars, with interest at eight per cent, made on April 29, 1892. The facts, shortly stated, are as follows: On October 29, 1892, the plaintiff bought the defendant’s note for $15,000, with interest at seven per cent. On July 12, 1895, the defendant being behindhand with his…
2Cases cited3 opinions
- Brown v. Marion National BankSupreme Court of the United States · 1898
- Haseltine v. Central Bank of SpringfieldSupreme Court of the United States · 1901
- Union National Bank v. Louisville, New Albany & Chicago Railway Co.Supreme Court of the United States · 1896
3Cited by36 opinions
- Smiley v. Citibank (South Dakota), N. A.Supreme Court of the United States · 1996
- Smiley v. CitibankCalifornia Supreme Court · 1995
- Evans v. National Bank of SavannahSupreme Court of the United States · 1919
- Bowen v. United StatesCourt of Appeals for the Eighth Circuit · 1946
- First National Bank in Mena, Cross-Appellee v. Jack A. Nowlin, Cross-AppellantCourt of Appeals for the First Circuit · 1975
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