Farmers' & Traders' Bank v. Harrison
Supreme Court of Missouri
Appeal from, Audrain Circuit Court. I. As to interest, the corporation is controlled by its charter and not by the general law of usury of the State. (IJ. S. Bank vs. Owen, 2 Pet., 527; Assignee of Darby vs. Boatmens’ Savings Bank of St. Louis, not yet reported; State Bank vs. Ooquilard, 6 Ind., 332; Eyan vs. Yaland-ingliam, 7 Ind., 416.) II.
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Appeal from, Audrain Circuit Court. I. As to interest, the corporation is controlled by its charter and not by the general law of usury of the State. (IJ. S. Bank vs. Owen, 2 Pet., 527; Assignee of Darby vs. Boatmens’ Savings Bank of St. Louis, not yet reported; State Bank vs. Ooquilard, 6 Ind., 332; Eyan vs. Yaland-ingliam, 7 Ind., 416.) II. The charter of respondent gave to it no power to loan at a higher rate than ten per cent., and so any contract for a loan at a higher rate would be void. (Bank of Chillicothe vs. Swayne, 8 O., 257; Bank of Wooster vs. Stephens, 1 O. St., 233; YanAlta vs.…
1Opinion of the CourtLewis, Judge
This was a suit against the appellants and W. G. Harrison upon a promissory note for $300. A default was taken against W. G. Harrison, and the appellants answered with two defenses: 1. That the note was given for money loaned at usurious interest, and was therefore void. 2. That appellants *507were only sureties, and were released from liability by reason of an extension given, for valuable consideration, to the principal debtor, without their knowledge or consent.
To the first defense plaintiff filed a demurrer for insufficiency in law, which was sustained by the court. Issue was joined on the…
2Cases cited6 opinions
- President of the Bank of the United States v. OwensSupreme Court of the United States · 1829
- Fleckner v. President of the Bank of the United StatesSupreme Court of the United States · 1823
- Lloyd v. ScottSupreme Court of the United States · 1830
- Bank of the United States v. Waggener and OthersSupreme Court of the United States · 1835
- Marks v. Bank of MissouriSupreme Court of Missouri · 1843
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