Tiffany v. National Bank of Mo.
Supreme Court of the United States
Error to the'Ch-euit Court for the District of Missouri. Tiffany, trustee of Darby, a bankrupt, brought an action of debt iti the court below against the National .Bank of Missouri, a corporation organized under the National Banking Act of June 3d, 1864, to recover under the provisions of the 'thirtieth section of the act twice the amount of interest paid by the said Darby, on certain loans made by the bank to him before he was adjudged a bankrupt.
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Error to the'Ch-euit Court for the District of Missouri. Tiffany, trustee of Darby, a bankrupt, brought an action of debt iti the court below against the National .Bank of Missouri, a corporation organized under the National Banking Act of June 3d, 1864, to recover under the provisions of the 'thirtieth section of the act twice the amount of interest paid by the said Darby, on certain loans made by the bank to him before he was adjudged a bankrupt. The ground of the action was, that the interest reserved and paid was 9 per cent.; a rate averred to be greater than the amouut allowed by law, to…
1Opinion of the CourtJustice Strong
In an action like the present,'brought to recover that which is substantially a statutory penalty, the statute must receive a strict, that is, a literal construction. The defendant is not to be subjected to a penalty unless the words of the statute plainly impose it. The question, therefore, is whether the thirtieth section of the act of Congress of June 3d, 1864, relative to National banking associations, clearly prohibits such associations in the State of Missouri from re serving and taking a greater rate of interest than 8 per cent., the rate limited by the laws of that State to be charged…
2Cited by150 opinions
- Watters v. Wachovia Bank, N. A.Supreme Court of the United States · 2007
- Beneficial National Bank v. AndersonSupreme Court of the United States · 2003
- Commissioner v. AckerSupreme Court of the United States · 1959
- Greenwood Trust Company v. Commonwealth of MassachusettsCourt of Appeals for the First Circuit · 1992
- Marquette National Bank of Minneapolis v. First of Omaha Service Corp.Supreme Court of the United States · 1978
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