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McCollum v. Hamilton Nat’l Bank, 303 U.S. 245 (1937)
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General SummaryThis case is from a collection containing the full text of over 16,000 Supreme Court cases from 1793 to the present. The body of Supreme Court decisions are, effectively, the final interpretation of the Constitution. Only an amendment to the Constitution can permanently overturn an interpretation and this has happened only four times in American history.
McCollum v. Hamilton Nat’l Bank, 303 U.S. 245 (1937)
McCollum v. Hamilton National Bank No. 342 Argued January 31, 1938 Decided February 28, 1938 303 U.S. 245
CERTIORARI TO THE SUPREME COURT OF TENNESSEE
Syllabus
Rev.Stats. § 5197 governs the rates of interest chargeable by national banks, and § 5198 provides that, if a greater rate has been paid, the person paying it, or his legal representative, may recover twice the amount from the bank. Where the person entitled became bankrupt and the action against the bank was by his trustee in bankruptcy, the state court first granted judgment for double the usurious interest, but set off the judgment against the bankrupt’s indebtedness to the bank.
Held:
1. Although the form of action prescribed is debt, the cause of action is ex delicto, and the recovery punitive; no setoff is permissible in the proceeding, either before or after judgment. P. 247.
2. Punishment for usury does not depend upon payment of the borrower’s debt. P. 249.
Reversed.
Certiorari, 302 U.S. 670, to review the affirmance of a decree granting recovery to trustee in bankruptcy in a suit against the bank under Rev.Stats. § 5198, but setting off the judgment against the bankrupt’s debts to the bank.
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Chicago: U.S. Supreme Court, "Syllabus," McCollum v. Hamilton Nat’l Bank, 303 U.S. 245 (1937) in 303 U.S. 245 Original Sources, accessed November 22, 2024, http://originalsources.com/Document.aspx?DocID=M3ZMY2HQ8C9BUW5.
MLA: U.S. Supreme Court. "Syllabus." McCollum v. Hamilton Nat’l Bank, 303 U.S. 245 (1937), in 303 U.S. 245, Original Sources. 22 Nov. 2024. http://originalsources.com/Document.aspx?DocID=M3ZMY2HQ8C9BUW5.
Harvard: U.S. Supreme Court, 'Syllabus' in McCollum v. Hamilton Nat’l Bank, 303 U.S. 245 (1937). cited in 1937, 303 U.S. 245. Original Sources, retrieved 22 November 2024, from http://originalsources.com/Document.aspx?DocID=M3ZMY2HQ8C9BUW5.
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