First Nat. Bank of Whitehall v. . Lamb
New York Court of Appeals
Appeal from judgment of the General Term of the Supreme Court in-the third judicial department, affirming a judgment in favor of plaintiff, entered upon a verdict. The plaintiff in this action is a national bank organized under the act of congress of June 3, 1864. The action was upon a promissory note against the makers and indorsers. The defense set up was usury, in corruptly taking more than seven per cent per annum for the loan of the money for which the note was given.
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Appeal from judgment of the General Term of the Supreme Court in-the third judicial department, affirming a judgment in favor of plaintiff, entered upon a verdict. The plaintiff in this action is a national bank organized under the act of congress of June 3, 1864. The action was upon a promissory note against the makers and indorsers. The defense set up was usury, in corruptly taking more than seven per cent per annum for the loan of the money for which the note was given. The judge at circuit held that the State laws against usury did not apply to national" banks, and this was affirmed at…
1Opinion of the CourtRapallo, J.
The contract on which this action is brought was made in the State of New York, and its validity depends upon the State laws, unless they are in conflict with some act of congress, passed in pursuance of the Constitution of the United States. Two questions have, therefore, been .presented upon the argument :
1st. Are the provisions of the statutes of the State of New York, which declare void all contracts reserving a greater rate of interest than seven per cent per annum, and preclude the recovery thereon of either principal or interest, in conflict with section 30 of the national banking law…
2Cases cited3 opinions
- Osborn v. Bank of United StatesSupreme Court of the United States · 1824
- National Bank v. CommonwealthSupreme Court of the United States · 1870
- License Tax CasesSupreme Court of the United States · 1867
3Cited by22 opinions
- Farmers' & Mechanics' National Bank v. DearingSupreme Court of the United States · 1875
- Farmers' Bank v. . HaleNew York Court of Appeals · 1874
- Schlesinger v. . GilhoolyNew York Court of Appeals · 1907
- Hintermister v. . First National BankNew York Court of Appeals · 1876
- Schlesinger v. KellyAppellate Division of the Supreme Court of the State of New York · 1906
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