Youngblood v. Birmingham Trust & Savings Co.
Supreme Court of Alabama
Appeal from tbe City Court of Birmingham. Tried before tbe Hon. W. W. WilkersoN. Tbis action was brought by tbe appellee, a private corporation located in Birmingham, against William Youngblood, and was founded on the defendant’s acceptance of a' draft for $1,000, drawn on him by Swem & Thomas, in favor of the plaintiff; which draft was dated at Birmingham, September 3d, 1889, payable to the plaintiff’s order, thirty days after date, and accepted by the defendant for the…
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Appeal from tbe City Court of Birmingham. Tried before tbe Hon. W. W. WilkersoN. Tbis action was brought by tbe appellee, a private corporation located in Birmingham, against William Youngblood, and was founded on the defendant’s acceptance of a' draft for $1,000, drawn on him by Swem & Thomas, in favor of the plaintiff; which draft was dated at Birmingham, September 3d, 1889, payable to the plaintiff’s order, thirty days after date, and accepted by the defendant for the accommodation of said Swem & Thomas. The plaintiff advanced the money on the accepted draft to Swem & Thomas, deducting…
1Opinion of the CourtMcOLELLAN, J.
Tbe terms “discount” and “loan” are employed in tbe books indiscriminately and synonymously in all cases where compensation for the use of money advanced is retained out of tbe gross sum at tbe time of tbe advancement. Thus it is said: “Discounting, or loaning money, with a deduction of tbe interest in advance, is a part of tbe general business of banking,” &c. — 2 Amer. & Eng. Encyc. of Law, p. 92. And a discount is thus defined: “By tbe language of tbe commercial world, and tbe settled practice of banks, a discount by a bank means, eoc vi termini, a deduction or drawback made upon its…
2Cases cited20 opinions
- Soon Hing v. CrowleySupreme Court of the United States · 1885
- Missouri Pacific Railway Co. v. MacKeySupreme Court of the United States · 1888
- Minneapolis & St. Louis Railway Co. v. BeckwithSupreme Court of the United States · 1889
- President of the Bank of the United States v. OwensSupreme Court of the United States · 1829
- Fleckner v. President of the Bank of the United StatesSupreme Court of the United States · 1823
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3Cited by23 opinions
- Denson v. Alabama Fuel & Iron Co.Supreme Court of Alabama · 1916
- Robertson v. PeopleSupreme Court of Colorado · 1894
- Continental Insurance v. ParkesSupreme Court of Alabama · 1904
- State v. ShermanWyoming Supreme Court · 1909
- Marx v. LiningSupreme Court of Alabama · 1935
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