Emlen v. Lehigh Coal & Navigation Co.
Supreme Court of Pennsylvania
Error to the District Court of Philadelphia. This was an action of covenant by Deborah Emlen against The Lehigh Coal and Navigation Company, in which the following special verdict was found by the jury :— “ The defendants are an incorporated company, under the Act of February 13th 1822,'and its supplements.
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Error to the District Court of Philadelphia. This was an action of covenant by Deborah Emlen against The Lehigh Coal and Navigation Company, in which the following special verdict was found by the jury :— “ The defendants are an incorporated company, under the Act of February 13th 1822,'and its supplements. “ The plaintiff on the 21st April 1810, lent to defendants the sum of $1900, on the terms set forth in the following certificate :— On the 12th October 1861, the defendants paid to William S. Vaux, the attorney in fact of the plaintiff, under a written power of attorney, executed at…
1Opinion of the Court
The opinion of the court was delivered, by
Read, J.
The general rule in this state is, that all debts draw interest, the legal rate of which, for one hundred and forty-one years, has been six per cent. This moderate and uniform rate has arisen, in a great measure, from our short and inexpensive proceedings in the case of mortgages, which securities have formed a permanent standard for other money contracts. There are, however, exceptions to the general rule, as in the case of banks, who are the debtors of their depositors, and of trustees wdio have not failed in the discharge of their trusts.…
2Cases cited1 opinion
- Miller v. Bank of OrleansSupreme Court of Pennsylvania · 1840
3Cited by2 opinions
- Brown v. HillSupreme Court of Pennsylvania · 1924
- Friend v. City of PittsburghSupreme Court of Pennsylvania · 1890