Show I 1 I 1 7 I 1 THE taip ltv USURY CASE I 1 Riat tri ft reverses wed wedgwood 9 mod OVERRULED LED what rate of interest may national banks legally charge judge blackburn this thie morning rendered a decision I 1 in the usury case of J T W N White cottan to national bank of commerce overruling the general demurrer to the th complaint that facts sufficient to constitute a cause of action had not been stated the court held that according to the ruling of the U S supreme court in the case of jolin john son vs va national bank banar U 8 na dional banks are restricted from charging a higher rate of interest than that fixed by the sta statutes tates of the respective in which the hanks banks are located and where the tatu teli of the tha state do not fix a rate of interest national banks are limited to ta charging 7 per cent A utah statute provides that any rae I 1 of interest agreed upon by the contra contrasting parties way say be eb charged arged and where no aRree agree ement as aa to the rate of interest exists 8 per cent may be charged the court was undecided as to whether this 18 1 8 per cent of the utah statute could be termed a fixed rate of interest or not if it a fixed rate nati national banks in utah could charge 8 per cent but if it were ware not a fixed rate but 7 per cent could be charged but as had bad been charged at the rate of from 18 to 24 per cent he was in any event entitled entitle d to recover lecove i r double th the amount of interest paid an exception to the ruling of the court waa taken by the defendant bank and thirty days were granted in a W which to prepare a statement nt on appeal the question indol ed in this case is an extremely knotty legill legal problem and it was not until after considerable study and deliberation that judge blackburn Blackbur ii arrived upon the decision A great deal of interest is manifested in the tha case in banking circles there are fourteen national banks banka in the T arri tory to which the tha outcome of the case is of material consequence |