MacRackan v. Bank of Columbus
Supreme Court of North Carolina
Appeal by defendant from Ferguson, J., at June Special Term,- 1913, of Columbus. ■ ' • Tbis action was brought to recover tbe penalty under Re-visal, sec. 1951, for knowingly charging and receiving from plaintiff a greater rate of interest than allowed by law, namely, 8 per cent interest on a note for $3,000. The jury returned the following verdict: 1. Did the defendant knowingly take and receive from the plaintiff on the $3,000 note a greater rate of‘interest than 6 per…
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Appeal by defendant from Ferguson, J., at June Special Term,- 1913, of Columbus. ■ ' • Tbis action was brought to recover tbe penalty under Re-visal, sec. 1951, for knowingly charging and receiving from plaintiff a greater rate of interest than allowed by law, namely, 8 per cent interest on a note for $3,000. The jury returned the following verdict: 1. Did the defendant knowingly take and receive from the plaintiff on the $3,000 note a greater rate of‘interest than 6 per cent per annum from 9 February, 1912? Answer: Yes. 2. If so, what amount of interest was paid on said note from 9th…
1Opinion of the Court
Walker, J.,
after stating tbe case: Tbe defendant loaned to tbe plaintiff tbe sum of $3,000, and charged, reserved, and received from bim, as interest thereon, a suro in excess of tbe legal rate. Tbe character of tbe transaction is not involved in any doubt. Interest is tbe premium allowed by law for tbe use of money, while usury is tbe taking of more for its use than tbe law allows. It is an illegal profit. 4 Blk. Com., 156; Yarborough v. Hughes, 139 N. C., 200. If tbe lender knowingly takes, receives, reserves, or charges a greater rate than 6 per cent per annum, be forfeits the interest,…
2Cases cited11 opinions
- Townsend v. . WilliamsSupreme Court of North Carolina · 1895
- Doster v. . EnglishSupreme Court of North Carolina · 1910
- Miller v. Life Insurance Co.Supreme Court of North Carolina · 1896
- Peacock v. TerrySupreme Court of Georgia · 1850
- Rowland v. Old Dominion Building & Loan Ass'nSupreme Court of North Carolina · 1894
6 more not listed; retrieve them via the Exa API.
3Cited by9 opinions
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- Kawauchi v. TabataHawaii Supreme Court · 1966
- River Hills, Inc. v. EdwardsDistrict Court of Appeal of Florida · 1966
- Zwang v. A. & P. Food StoresAppellate Terms of the Supreme Court of New York · 1944
- Stewart v. NangleDistrict Court of Appeal of Florida · 1958
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