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Evans v. National Bank of Savannah, 251 U.S. 108 (1919)

Evans v. National Bank of Savannah

No. 67

Argued November 11, 12, 1919

Decided December 8, 1919

251 U.S. 108


Whether a transaction by a national bank is usurious, and the penalties therefor, must be ascertained from the National Banking Act. P. 251 U. S. 109.

That act adopts the usury laws of the states only insofar as they severally fix the rate of interest. P. 251 U. S. 111.

Under the National Banking Act, which expressly empowers national banks to discount commercial paper and permits them to

"take, receive, reserve, and charge on any loan or discount made . . . interest at the rate allowed by the laws of the state . . . where the bank is located, and no more,"

such banks, in discounting short-time notes in the ordinary course of business, may retain an advance charge at the highest rate allowed for interest by the state law, even though such advance taking would be usurious under the state law in the cases to which it applies. P. 251 U. S. 112.

To discount, ex v termini, implies reservation of interest in advance. P. 251 U. S. 114.

21 Ga.App. 35 affirmed.

The case is stated in the opinion.

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