Osborn v. First National Bank

Citations

• 175 Pa. 494
• 34 A. 858
• 1896 Pa. LEXIS 1278

Syllabus

<p>Assignment for creditors — Parties to action — Ghose m action.</p> <p>In Pennsylvania an assignee for the benefit of creditors cannot bring an action in his own name on a chose in action of his assignor.</p> <p>Usury — Interest—Revised statutes U. 8., section 5198- — Assignment for ■creditors.</p> <p>An assignee for the benefit of creditors is not a “ legal representative ” of his assignor within the meaning of section 5198 of the revised statutes of the United States which provides that “ in case the greater rate of interest has been paid, the person by whom it has been paid or his legal representatives may recover back in an action in the nature of an action of debt twice the amount of the interest then paid from, the association taking or receiving the same.”</p> <p>Section 5198 of the revised statutes draws a distinct line between reserving or charging excessive interest and receiving it. In the former case the entire .interest is forfeited and no part of it can be recovered, but that is the extent of the penalty. In the latter case the bank is liable to a penalty of double the amount of the usurious interest, but only to the party who has actually paid it.</p> <p>Legal representatives — Executors and, administrators — Assignees.</p> <p>In Pennsylvania the term “ legal representatives ” means executors and .administrators, although when the subject-matter or the context shows that the words are used in a different sense, either in a statute or a contract, the courts will give them the meaning intended: Monongahela Nat. Bank v. Overholt, 96 Pa. 327, considered.</p> <p>Arbitration— Special findings — Setting aside award for a mistake of law.</p> <p>Where referees have not only made an award but added to it special findings which show the principles on which they acted, the case comes ■directly within the provisions of sec. 7 of the act of June 16, 1836, P. L. 717, authorizing the court to set aside the award for a mistake of law.</p>