Columbus Insurance & Banking Co. v. First National Bank
Mississippi Supreme Court
From the chancery court of Lowndes county. Hon.. T. B. Graham, Chancellor. In November, 1892, N. Gross &. Co., a firm composed of Dora Gross and J. Hirshman, made, or attempted to make, an assignment for the benefit of creditors, preferring therein the Columbus Banking & Insurance Co. for a debt of $13,833. The assignee took possession of the assets, and proceeded to administer the same in the chancery court, under chapter 8 of the code of 1892. The First National Bank of…
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From the chancery court of Lowndes county. Hon.. T. B. Graham, Chancellor. In November, 1892, N. Gross &. Co., a firm composed of Dora Gross and J. Hirshman, made, or attempted to make, an assignment for the benefit of creditors, preferring therein the Columbus Banking & Insurance Co. for a debt of $13,833. The assignee took possession of the assets, and proceeded to administer the same in the chancery court, under chapter 8 of the code of 1892. The First National Bank of Columbus at once filed its cross petition, attacking the validity of the assignment on several grounds, and praying that…
1Opinion of the CourtCooper, J.
The appeals in these cases might have been prosecuted upon one record, and we dispose of them in one opinion.
1. The court rightly held that the account of the Columbus Insurance & Banking Company should be purged of all usurious interest, and that any interest charged by that company in excess of ten per cent, per annum was usurious. It may be conceded that, by its charter, authority was conferred upon that company to stipulate for any rate of interest not exceeding ten per cent. ‘‘discount, ’ ’ and that it did not reserve any greater rate than such discount, for that rate would be usurious,…
2Cases cited9 opinions
- New Jersey v. YardSupreme Court of the United States · 1877
- Huidekoper's Lessee v. DouglassSupreme Court of the United States · 1805
- Gansevoort v. WilliamsNew York Supreme Court · 1835
- United States v. Gurney and OthersSupreme Court of the United States · 1808
- Bank of Vergennes v. CameronNew York Supreme Court · 1849
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