In re Prescott
U.S. Circuit Court for the Northern District of Illnois
In bankruptcy. This was an exception by the assignee in bankruptcy of Martin Prescott to the decision of the register allowing the claim of J. W. Lawrence for $3,300. This claim was made up of two items. 1. A note for $300, which Lawrence had signed as surety with the bankrupt, and afterwards paid. 2. A claim of $3,000 for money loaned by Lawrence to the bankrupt at different times, on which he had received interest at the rate of two per cent, per month.
Read the full summary
In bankruptcy. This was an exception by the assignee in bankruptcy of Martin Prescott to the decision of the register allowing the claim of J. W. Lawrence for $3,300. This claim was made up of two items. 1. A note for $300, which Lawrence had signed as surety with the bankrupt, and afterwards paid. 2. A claim of $3,000 for money loaned by Lawrence to the bankrupt at different times, on which he had received interest at the rate of two per cent, per month. The total amount of interest paid was $1,500. The statute of Illinois regulating the rate of interest is as follows: “If any person or…
1Opinion of the Court
BLODGETT, District Judge.
When a creditor seeks to prove a debt against the estate of a bankrupt, he stands in the position of a plaintiff in a suit at law seeking to enforce such claim. In re Pittock [Case No. II,189].
By the 3d section of the act of the legislature of this state, approved January 31, 1S37, regulating rates of interest to be paid, which act was in force at the time of the transaction in question, any agreement to pay a greater rate of interest than ten per cent, works a forfeiture of all interest. Sess. Laws 1S57, p. 40.
The supreme court of this state has construed this…
2Cases cited5 opinions
- Parmelee v. LawrenceIllinois Supreme Court · 1867
- Saylor v. DanielsIllinois Supreme Court · 1865
- Farwell v. MeyerIllinois Supreme Court · 1864
- Snyder v. GriswoldIllinois Supreme Court · 1865
- Cushman v. SutphenIllinois Supreme Court · 1866
3Cited by5 opinions
- In re SternCourt of Appeals for the Eighth Circuit · 1906
- Louisville Trust Co. v. Kentucky Nat. BankU.S. Circuit Court for the District of Kentucky · 1898
- In re KenyonDistrict Court, S.D. Ohio · 1907
- Beals v. LewisOhio Supreme Court · 1885
- O'Neil v. ClevelandSupreme Court of New Jersey · 1878