Legal Opinion
First National Bank in Mena, Cross-Appellee v. Jack A. Nowlin, Cross-Appellant
Court of Appeals for the First Circuit
Decided January 17, 1975No. 74-1397 and 74-1427PublishedCited by 48 opinions
1Opinion of the Court
GIBSON, Chief Judge.
Is a note which is usurious under state law also usurious when made to a national bank? With the limited exception of a short-term single payment note, we think it is. The central issue presented by this litigation is whether the National Bank Act, 12 U.S.C. § 21 et seq., permits a national bank in Arkansas to reserve interest in advance on installment loans calculated at a numerical rate not in excess of the statutory Arkansas usury limits but yielding an effective rate of return substantially in excess of the state limit.
The First National Bank in Mena (Bank), Mena,…
2Cases cited23 opinions
- Farmers' & Mechanics' National Bank v. DearingSupreme Court of the United States · 1875
- First National Bank in Plant City v. DickinsonSupreme Court of the United States · 1969
- First Nat. Bank of Logan v. Walker Bank & Trust Co.Supreme Court of the United States · 1966
- Fleckner v. President of the Bank of the United StatesSupreme Court of the United States · 1823
- Tiffany v. National Bank of Mo.Supreme Court of the United States · 1874
18 more not listed; retrieve them via the Exa API.
3Cited by48 opinions
- Greenwood Trust Company v. Commonwealth of MassachusettsCourt of Appeals for the First Circuit · 1992
- Robert L. Roper v. Consurve, Inc., D/B/A Bankamericard Center, and Deposit Guaranty National Bank, Jackson, MississippiCourt of Appeals for the Fifth Circuit · 1978
- M. Nahas & Co., Inc. v. First National Bank of Hot SpringsCourt of Appeals for the First Circuit · 1991
- Smiley v. CitibankCalifornia Supreme Court · 1995
- Fred Fisher, on Behalf of Himself and on Behalf of All Other Persons Similarly Situated v. First National Bank of Omaha, Omaha, NebraskaCourt of Appeals for the First Circuit · 1977
43 more not listed; retrieve them via the Exa API.