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Story
December 7, 1882
The Elk County Advocate
Ridgway, Elk County, Pennsylvania
What is this article about?
Trial in US circuit court: Assignees of Knapp & Thompson awarded $8,084.75 penalty against Williamsport National Bank for usurious interest on 222 notes, ruling PA national banks limited to 6% interest. No appeal possible.
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OCR Quality
98%
Excellent
Full Text
[Pittsburg Post, 17th ult.]
The trial of the case of the assignees of Knapp & Thompson against the Williamsport National bank, to recover the penalty for usurious interest on 222 notes for various amounts, which has been on trial in the United States circuit court since Monday, was given to the jury shortly before noon yesterday. The jury retired and after deliberating about three hours rendered a verdict for the plaintiff for $8,084.75. No appeal can be taken from this decision as the amount involved is not sufficient. The amount to enable an appeal to lie in cases of this kind must exceed $5,000. The verdict is important as it practically declares that a National bank in Pennsylvania cannot charge more than six per cent. interest for money loaned.
The trial of the case of the assignees of Knapp & Thompson against the Williamsport National bank, to recover the penalty for usurious interest on 222 notes for various amounts, which has been on trial in the United States circuit court since Monday, was given to the jury shortly before noon yesterday. The jury retired and after deliberating about three hours rendered a verdict for the plaintiff for $8,084.75. No appeal can be taken from this decision as the amount involved is not sufficient. The amount to enable an appeal to lie in cases of this kind must exceed $5,000. The verdict is important as it practically declares that a National bank in Pennsylvania cannot charge more than six per cent. interest for money loaned.
What sub-type of article is it?
Crime Story
Historical Event
What themes does it cover?
Crime Punishment
Justice
What keywords are associated?
Usury Trial
National Bank
Interest Penalty
Court Verdict
What entities or persons were involved?
Assignees Of Knapp & Thompson
Williamsport National Bank
Where did it happen?
United States Circuit Court, Pennsylvania
Story Details
Key Persons
Assignees Of Knapp & Thompson
Williamsport National Bank
Location
United States Circuit Court, Pennsylvania
Event Date
17th Ult.
Story Details
Assignees of Knapp & Thompson sued Williamsport National Bank for usurious interest on 222 notes; jury verdict awarded plaintiffs $8,084.75, no appeal possible, establishing 6% interest limit for PA national banks.