Cake v. First National Bank of Lebanon
Cake v. First National Bank of Lebanon
Opinion of the Court
delivered the opinion of the court,
We think the first, third, fourth and fifth assignments of error must be sustained, but not the second.
The defendant below was accommodation endorser for Stine on two notes, which had been discounted by the bank, and being unpaid at maturity were duly protested. Stine procured Cake to
We think, too, that Overholt v. The National Bank of Mount Pleasant, 1 Norris 490, is directly in point on the question raised as to the usurious interest received by the bank. It was there decided that where there has been a series of renewal notes given for the continuation of the same original loan, the taint of usury in the first transaction follows down the descent through the whole line, and when, therefore, a national bank sues to recover its debt on the last of the series of renewal notes, the borrower is entitled to credit for all the interest he has paid from the beginning on the loan, and not merely to' the excess above the lawful rate.
Judgment reversed and venire facias de novo awarded.
Case-law data current through December 31, 2025. Source: CourtListener bulk data.