Merchants & Planters' Bank v. Sarratt
Supreme Court of South Carolina
Action by Merchants’ and Planters’ Bank against J. I. Sarratt et al. Prom Circuit judgment, defendants appeal. cite: Interest calculated at 8 per cent for 360 days is usury: Code 1903, 1663; 3 Cowen, 704; 8 Cowen, 399. Discount at 8 per. cent, before maturity is usury: 30 S. C., 61; 31 S. C., 386; 39 S. C., 193; 55 S. C., 143. Check in payment of discount is not such writing as will take case out of statute: 39 S. C., 193. What is necessary to show renewal of note is…
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Action by Merchants’ and Planters’ Bank against J. I. Sarratt et al. Prom Circuit judgment, defendants appeal. cite: Interest calculated at 8 per cent for 360 days is usury: Code 1903, 1663; 3 Cowen, 704; 8 Cowen, 399. Discount at 8 per. cent, before maturity is usury: 30 S. C., 61; 31 S. C., 386; 39 S. C., 193; 55 S. C., 143. Check in payment of discount is not such writing as will take case out of statute: 39 S. C., 193. What is necessary to show renewal of note is payment: 17 S. C., 489. Mr. Hall cites: Calculating interest at 360 days for a year does not violate usury law: Webb on Usury,…
1Opinion of the Court
The opinion in this case was filed April 18, 1907, but remittitur held up on petition for rehearing until
The opinion- of the Court was delivered by
Mr. Justice Jones.
This action was upon four promissory notes executed to plaintiff by defendant, J. I. Sarratt, as principal, and defendants S. O. Sarratt and W. C. Carpenter, as sureties; one for $2,000.00, dated November 14th, 1904, payable January 15th, 1905; one for $2,000.00, dated November 14th, 1904, payable February 15th, 1905; one for $1,500.00, dated November 14th, 1904, -payable March 15th, 1905; -one for $2,000.00, dated December 19th,…
2Cases cited13 opinions
- Patton v. Bank of LaFayetteSupreme Court of Georgia · 1906
- Camp v. BatesSupreme Court of Connecticut · 1836
- Dooley v. BellSupreme Court of Georgia · 1891
- Carolina Savings Bank v. ParrottSupreme Court of South Carolina · 1888
- Planters Bank v. BassSupreme Court of Louisiana · 1847
8 more not listed; retrieve them via the Exa API.
3Cited by4 opinions
- Ditmars v. Camden Trust Co.Supreme Court of New Jersey · 1952
- Cotton v. Commonwealth Loan Co.Indiana Supreme Court · 1934
- Goodlett v. GoodlettSupreme Court of South Carolina · 1915
- American Bank v. SublettSupreme Court of South Carolina · 1916