Tiffany v. National Bank of Missouri

85 U.S. (18 Wall.) 409 (1873)

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Tiffany v. National Bank of Missouri

United States Supreme Court
85 U.S. (18 Wall.) 409 (1873)

  • Written by Robert Cane, JD

Facts

The National Bank Act prohibited usury, or lending money at exorbitant rates, by setting a maximum rate of interest that national banks could charge. Missouri state law set maximum interest rates at 10 percent for all persons except state-chartered banks, which were allowed to charge 8 percent. The National Bank of Missouri (the bank) (defendant) made loans to borrowers with an interest rate of 9 percent. Tiffany (plaintiff) sued the bank, alleging that the bank was limited to charging 8 percent interest like the state-chartered banks. The lower court found for the bank. Tiffany appealed.

Rule of Law

Issue

Holding and Reasoning (Strong, J.)

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