Johnson v. . National Bank of Gloversville
New York Court of Appeals
Appeal from judgment of the General Term of the Supreme Court, in the third judicial department, affirming a judgment in favor of plaintiff, entered upon the report of a referee. •This action was brought against defendant, a national bank, to recover the penalties imposed by the national banking act for violation of the provisions thereof (U. S. R. S., §§ 5197, 5198) limiting the amount of interest to be taken by said banks upon loans and discounts.
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Appeal from judgment of the General Term of the Supreme Court, in the third judicial department, affirming a judgment in favor of plaintiff, entered upon the report of a referee. •This action was brought against defendant, a national bank, to recover the penalties imposed by the national banking act for violation of the provisions thereof (U. S. R. S., §§ 5197, 5198) limiting the amount of interest to be taken by said banks upon loans and discounts. The referee found, in substance, that defendant, from November 1, 1874, to February 7, 1876, discounted commercial paper for plaintiff to the…
1Opinion of the CourtRapallo, J.
The same point which is raised in this case was made in Nash v. White’s Bank of Buffalo (68 N. Y., 396), viz., that the paper discounted being business paper and the transaction not usurious under the general statutes of the State, the hank was not liable under the banking act for taking a greater rate of discount than seven per cent per annum thereon. We there held that the character of the paper was not material and that the act applied to all discounts as well as to loans.
That case arose under the State banking act of 1870 (chap. 163). The provisions affecting this case contained in the'…
2Cases cited1 opinion
- Nash v. . White's Bank of BuffaloNew York Court of Appeals · 1877
3Cited by6 opinions
- National Bank v. JohnsonSupreme Court of the United States · 1881
- Atlantic State Bank of Brooklyn v. SaveryNew York Court of Appeals · 1880
- Meserole Securities Co. v. CosmanNew York Court of Appeals · 1930
- Hinds v. MarmolejoCalifornia Supreme Court · 1882
- Guild v. First National BankSouth Dakota Supreme Court · 1894
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