President of the Maine Bank v. Butts
Massachusetts Supreme Judicial Court
This action was brought to recover possession of certain lands, mortgaged to the plaintiffs by the defendant, as collateral security for the payment of his promissory note for 4000 dollars, payable in two years, another note for 6000 dollars, payable in three years from the date, and eight other notes for smaller sums, payable at sundry times respectively within three years from the dates, all the said notes being dated October 19, 1807, which was also the date of the…
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This action was brought to recover possession of certain lands, mortgaged to the plaintiffs by the defendant, as collateral security for the payment of his promissory note for 4000 dollars, payable in two years, another note for 6000 dollars, payable in three years from the date, and eight other notes for smaller sums, payable at sundry times respectively within three years from the dates, all the said notes being dated October 19, 1807, which was also the date of the mortgage deed. The defendant, among other pleas about which no question arises in the case, duly pleaded the statute against…
1Opinion of the CourtSewall, J.
The direction more particularly excepted to in this case is, the-opinion of the presiding justice, under which the jury returned a verdict against the defendant, that interest exceeding six per cent., but not exceeding the usual profits upon loans made on banking principles, is not; when taken by a banking company, (as I presume is to be understood,) to be viewed as illegal or usurious interest.
The counsel for the plaintiffs have argued in support of this opinion, upon a supposed license to companies incorporated, with an authority to discount notes according to banking principles, to exceed,…
2Cited by18 opinions
- Union Savings Bank & Trust Co. v. DottenheimSupreme Court of Georgia · 1899
- Atlas Realty Corp. v. HouseSupreme Court of Connecticut · 1937
- Bank of Newport v. CookSupreme Court of Arkansas · 1895
- Andrews v. HoxieTexas Supreme Court · 1849
- Branch Bank at Mobile v. StrotherSupreme Court of Alabama · 1848
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