Brown v. Second National Bank
Supreme Court of Pennsylvania
Error to the Court of Common Pleas of Erie county: No. 4, to October and November Term 1872. This was an action of assumpsit, commenced April 29th 1867, by the Second National Bank of Erie against the executors of Conrad Brown, deceased. The suit was on three promissory notes, each at 60 days, drawn by Y. M. Thompson, payable to the order of Conrad Brown, at the Ocean National Bank, New York, endorsed by Brown and discounted by the plaintiff for the drawer.
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Error to the Court of Common Pleas of Erie county: No. 4, to October and November Term 1872. This was an action of assumpsit, commenced April 29th 1867, by the Second National Bank of Erie against the executors of Conrad Brown, deceased. The suit was on three promissory notes, each at 60 days, drawn by Y. M. Thompson, payable to the order of Conrad Brown, at the Ocean National Bank, New York, endorsed by Brown and discounted by the plaintiff for the drawer. One note was dated November 20th 1866 for $16,000 ; the other two were dated December 6th 1866 for $2000 and $4000 respectively. These…
1Opinion of the Court
The opinion of the court was delivered, by
Sharswood, J.
— A close examination of the words of the Act of Congress of June 3d 1864, under which the defendants in error were organized and incorporated as a National Bank, will show, we think, that it was intended to draw a distinction between the case of the reservation of a discount at an unlawful rate of interest and the actual consummation of the usury by the receipt of it by the payment of the note or loan when due. It is declared by the thirtieth section that “the knowingly receiving, reserving or charging a rate of interest greater than…
2Cases cited4 opinions
- Thomas v. ShoemakerSupreme Court of Pennsylvania · 1843
- Wycoff v. LongheadSupreme Court of the United States · 1785
- Musgrove v. GibbsSupreme Court of the United States · 1787
- Kirkpatrick v. HoustonSupreme Court of Pennsylvania · 1842
3Cited by5 opinions
- First National Bank v. McCarthySouth Dakota Supreme Court · 1904
- Osborn v. First National BankSupreme Court of Pennsylvania · 1896
- McCarthy v. First National Bank of Rapid CitySouth Dakota Supreme Court · 1909
- Kearney v. First N. BankSupreme Court of Pennsylvania · 1889
- First National Bank v. McEntireSupreme Court of Georgia · 1900