Lynch v. Merchants National Bank of West Virginia

Citations

• 22 W. Va. 554
• 1883 W. Va. LEXIS 80

Syllabus

<p>1. A State court has jurisdiction in an action brought by a borrower against a National bank to recover the penalty, prescribed by the National Currency Act — Sec. 5198 Bev. Stat. U. S. — for exacting and receiving usurious interest on loans made by such bank. (p. 556.)</p> <p>2. When a statute creates a new offence and denounces the penalty, or gives a new right and declares the remedy, the punishment or the remedy can be only that which the statute prescribes, (p. 557.)</p> <p>3. An action for the recovery of the penalty prescribed by said sec. 5198, must be commenced within two years from the time the usurious transaction occurred. Each payment of such interest is a transaction, within the meaning of said section, and the prescribed limitation commences to run from that time, although the debt on which such interest was paid remains unpaid, (p. 559.)</p>