Lake Benton First National Bank v. Watt
Supreme Court of the United States
EEEOE TO THE SUPREME COURT OF THE STATE OF MINNESOTA. By this action, which was commenced in a court of the State of Minnesota, recovery was sought from the First National Bank of Lake Benton, Minnesota, plaintiff in error here, of twice the amount of the entire interest which it was alleged had been paid to that bank by Watt, plaintiff below, who is the defendant in error on this record.
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EEEOE TO THE SUPREME COURT OF THE STATE OF MINNESOTA. By this action, which was commenced in a court of the State of Minnesota, recovery was sought from the First National Bank of Lake Benton, Minnesota, plaintiff in error here, of twice the amount of the entire interest which it was alleged had been paid to that bank by Watt, plaintiff below, who is the defendant in error on this record. The right to the relief was based on the averment that the bank had, in violation of the law of-the United States, received from Watt usurious interest. The cause was tried to a jury and a verdict returned…
1Opinion of the CourtJustice White
The contention of the plaintiff in error is that the state court erroneousty condemned it to pay twice the amount of the en: tire interest which it had collected because it had taken a usurious, rate, whilst under the law of the United States, it is-insisted, the recovery' should have been not twice the amount of the entire interest, but only twice the sum by which the interest received exceeded the lawful rate. To dispose of this contention involves ascertaining the meaning of sections 5197 and 5198 of the Revised Statutes of the United States, which are as follows:
“ Sec. 5197. Any…
2Cases cited3 opinions
- Boerner v. Traders' National BankTexas Supreme Court · 1897
- Crocker v. First Nat. BankU.S. Circuit Court for the District of Kansas · 1876
- National Bank of Madison v. DavisU.S. Circuit Court for the District of Indiana · 1877
3Cited by15 opinions
- Haas v. Pittsburgh National BankCourt of Appeals for the Third Circuit · 1975
- Haines v. Commercial Mortgage Co.California Supreme Court · 1927
- McCollum v. Hamilton National BankSupreme Court of the United States · 1938
- Cronkleton v. HallCourt of Appeals for the Eighth Circuit · 1933
- First National Bank v. DavisSupreme Court of Georgia · 1911
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