Gladwin State Bank v. Dow
Michigan Supreme Court
Error to Gladwin; Sharpe (Nelson), J. Assumpsit by the Gladwin State Bank against' Herbert L. Dow on a promissory note. Judgment for plaintiff on a directed verdict. Defendant brings error.
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Error to Gladwin; Sharpe (Nelson), J. Assumpsit by the Gladwin State Bank against' Herbert L. Dow on a promissory note. Judgment for plaintiff on a directed verdict. Defendant brings error. In February, 1906, defendant applied to the private banking firm of M. C. Scrafford & Company of Glad-win for a loan of $800. He claims to have informed Mr. Scrafford that he would want to keep the loan for some time, that Mr. Scrafford told him that under the practice of his bank he would make the loan for 3 months, but would renew the paper from time to time unless he might need to call it in. A 90-day…
1Opinion of the CourtFellows, J.
(after stating the facts). We may lay aside the contention of the defendant that the facts surrounding the original transaction showed an agreement for a long-time loan to be renewed at frequent intervals. There was no definite agreement for any loan beyond the period of 90 days fixed in the first note. At the expiration of that time defendant could have paid, the note, plaintiff was not bound to renew it. Likewise we may lay aside the argument of plaintiff’s counsel, most ingeniously urged, that the defense of usury here relied upon is by way of set-off; that one who pays usurious interest…
2Cases cited40 opinions
- Barnet v. National BankSupreme Court of the United States · 1879
- Brown v. Marion National BankSupreme Court of the United States · 1898
- Fowler v. Equitable Trust Co.Supreme Court of the United States · 1891
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- Thurston v. PrentissMichigan Supreme Court · 1849
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