Knapp v. Williamsport Nat. Bank

W.D. Pennsylvania

Knapp v. Williamsport Nat. Bank

15 F. 333, 1882 U.S. App. LEXIS 2196

DecidedDecember 19, 1882

StatusPublished

This text of 15 F. 333 (Knapp v. Williamsport Nat. Bank) is published on Counsel Stack Legal Research, covering District Court, W.D. Pennsylvania primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Knapp v. Williamsport Nat. Bank, 15 F. 333, 1882 U.S. App. LEXIS 2196 (W.D. Pa. 1882).

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Opinion

Eo Die. The Court.

The Snyder notes should have been deducted before the discount was doubled. That would not be an offset to a penalty. When the bank credited the plaintiffs with the proceeds of these notes, there was no appropriation of their amount by either party, and as the plaintiffs made no direct payment to the bank of the discount on the accommodation paper, it would now be equitable to make such deduction; for to the extent of such notes the discount had not been paid by the plaintiffs.

The deduction should have been made of the amount of the notes less the sum paid by plaintiffs’ assignee thereon. As the penalty bears no interest, neither should there be any interest allowed on the Snyder notes.

Buie absolute, unless plaintiffs within 10 days remit from the verdict all above $2,150.34.

Oral opinion by McKennan, J.; Acheson, J., concurring.

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Eo Die. The Court.

The Snyder notes should have been deducted before the discount was doubled. That would not be an offset to a penalty. When the bank credited the plaintiffs with the proceeds of these notes, there was no appropriation of their amount by either party, and as the plaintiffs made no direct payment to the bank of the discount on the accommodation paper, it would now be equitable to make such deduction; for to the extent of such notes the discount had not been paid by the plaintiffs.

The deduction should have been made of the amount of the notes less the sum paid by plaintiffs’ assignee thereon. As the penalty bears no interest, neither should there be any interest allowed on the Snyder notes.

Buie absolute, unless plaintiffs within 10 days remit from the verdict all above $2,150.34.

Oral opinion by McKennan, J.; Acheson, J., concurring.

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Bluebook (online)

15 F. 333, 1882 U.S. App. LEXIS 2196, Counsel Stack Legal Research, https://law.counselstack.com/opinion/knapp-v-williamsport-nat-bank-pawd-1882.