Crocker v. First Nat. Bank
U.S. Circuit Court for the District of Kansas
This is an action by an assignee in bankruptcy, brought in 1S75, to recover from the defendant [the First National Bank of Che-topa], a bank organized under the act of congress commonly known as the national banking act, double the amount of interest which he charges was taken from the bankrupts by the defendants upon numerous transactions after 1S72 and prior to the bankruptcy.
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This is an action by an assignee in bankruptcy, brought in 1S75, to recover from the defendant [the First National Bank of Che-topa], a bank organized under the act of congress commonly known as the national banking act, double the amount of interest which he charges was taken from the bankrupts by the defendants upon numerous transactions after 1S72 and prior to the bankruptcy. The petition states in each count that the interest charged was “a greater rate of interest than was allowed by the laws of the state of Kansas.” It is material to inquire what was the law of the state of Kansas in…
1Opinion of the Court
DILLON, Circuit Judge.
The usurious transaction in respect of which this action is brought occurred after the state statute of June 20, 1872 (Laws 1872, p. 2S4), went into operation. This statute, as construed by the supreme court of the state, “allowed parties to contract for any rate of interest they might choose, but did not allow the creditor to recover more than the principal and interest at the rate of twelve per cent, per annum.” Jenness v. Cutler, 12 Kan. 511, per Valentine, J. On the loans to the bankrupts, the defendant bank contracted for and received interest at the rate of…
2Cases cited3 opinions
- Jenness v. CutlerSupreme Court of Kansas · 1874
- Ordway v. Central National BankCourt of Appeals of Maryland · 1877
- Newell v. National BankCourt of Appeals of Kentucky · 1876
3Cited by4 opinions
- In re SternCourt of Appeals for the Eighth Circuit · 1906
- Lake Benton First National Bank v. WattSupreme Court of the United States · 1902
- Boerner v. Traders' National BankTexas Supreme Court · 1897
- Hill v. National Bank of BarreDistrict Court, D. Vermont · 1883