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Farmers' National Bank v. Dearing

91 U.S. 29 (1875)

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Farmers’ National Bank v. Dearing

United States Supreme Court
91 U.S. 29 (1875)

  • Written by Robert Cane, JD

Facts

Pursuant to New York state usury law, the maximum rate of interest in New York was 7 percent per year. Under New York law, if a debtor charged excessive interest, the promissory note would be void and the debt forfeited. Dearing (defendant) executed a promissory note with a 10 percent per year interest rate. Farmers’ National Bank (the bank) received the note and paid Dearing the face value of the note minus the discount. Dearing did not repay the bank after the note matured. The bank sued Dearing in state superior court in New York. Dearing argued that the interest rate was illegal under state law, so the note was void. The superior court entered judgment for Dearing and voided the note. The bank appealed.

Rule of Law

Issue

Holding and Reasoning (Swayne, J.)

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Banking Law

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