First National Bank v. Bentley
Supreme Court of Minnesota
Appeal by defendant from an order of the district court for Olmsted county, refusing a new trial after trial by Mitchell, J., a jury being waived.
1Opinion of the CourtGilfillan, C. J.
Laws 1877, c. 15, (Gen. St. 1878, c. 23,) limits to 12 per cent, the rate of interest which parties may contract for. Section 3 (Gen. St. 1878, c. 23, § 4) declares all contracts and transactions wherein a greater rate is received shall be void, “except as to bona-fide purchasers of negotiable paper, as hereinafter provided, in good faith, for a valuable consideration, before maturity: * * * provided, further, that nothing herein shall be construed to prevent the purchase of negotiable mercantile paper, usurious or otherwise, for a valuable consideration, by an innocent *88purchaser, free from…
2Cases cited1 opinion
- Goodman v. SimondsSupreme Court of the United States · 1858
3Cited by8 opinions
- St. Paul Gaslight Co. v. Village of SandstoneSupreme Court of Minnesota · 1898
- Kramer v. BlairSupreme Court of Virginia · 1891
- Roach v. HalvorsonSupreme Court of Minnesota · 1914
- Fredin v. RichardsSupreme Court of Minnesota · 1895
- Loring v. SwansonSupreme Court of Minnesota · 1930
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