Branch Bank v. Harrison
Supreme Court of Alabama
Error to the Circuit Court of Montgomery County. THIS action was brought in the court below by the defendant in error, to recover of the Bank a sum of money alleged to have been improperly demanded and received by the Bank on a note given for the purchase of a pari of a sixteenth section.
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Error to the Circuit Court of Montgomery County. THIS action was brought in the court below by the defendant in error, to recover of the Bank a sum of money alleged to have been improperly demanded and received by the Bank on a note given for the purchase of a pari of a sixteenth section. The note reads thus: “ On or before the 1st day of January, 1838, we promise to pay to the President and Directors of the Branch of the Bank of the State of Alabama at Montgomery, the sum of twenty four hundred and seventy seven dollars twelve and a half cents, payable and negotiable at said Bank, for value…
1Opinion of the CourtOrmond, J.
— Whether the bank can demand interest at the rate of eight per cent, per annum, after the maturity of a note given on the purchase of a sixteenth section, must depend on the law which authorizes and defines the terms of such sales. The act provides “that the purchaser shall execute his notes for the purchase money, to the Bank, payable in four annual instalments, and that the notes shall bear interest at the rate of six per cent, per annum from the day of sale. ”
We can see nothing in this act which justifies the construction contended for by the counsel for the bank, that interest at the…
2Cited by3 opinions
- Zimmern v. Standard Motor Car Co.Supreme Court of Alabama · 1921
- Kitchen v. Br. Bank at MobileSupreme Court of Alabama · 1848
- Lester v. Bank of MobileSupreme Court of Alabama · 1845