Seeman v. Philadelphia Warehouse Co., 274 U.S. 403 (1927)

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Seeman v. Philadelphia Warehouse Company

No.198
Argued March 8, 1927
Decided May 16, 1927
274 U.S. 403

CERTIORARI TO THE CIRCUIT COURT OF APPEALS

FOR THE SECOND CIRCUIT

Syllabus

1. A corporation engaged in lending money or credit may legitimately stipulate for repayment in the state in which it is organized and conducts its business, in accordance with its laws and at the interest rate there allowable, even though the agreement for the loan was entered into in another state where a different law and a lower rate of interest prevail. P. 407.

2. The bona fides of a written agreement between the parties to a loan for repayment in the the lender is not impeached, nor a waiver established, by proof of other instances in which the repayments under similar agreements between them were made in the borrower’s state where the legal interest rate was lower. P. 409.

7 F.2d 999 affirmed.

Certiorari (269 U.S. 543) to a judgment of the circuit court of appeals which reversed a judgment of the district court recovered by Seeman et al. in an action against the warehouse company for conversion of pledged goods.