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CLARKSON v. FINANCE COMPANY OF AMERICA AT BALTIMORE

No. 9053.

328 F.2d 404 (1964)

Francis O. CLARKSON, Jr., Receiver of the Property of Credit Company, Inc., a North Carolina Corporation, Appellant, v. The FINANCE COMPANY OF AMERICA AT BALTIMORE, a Delaware Corporation, and Smart Finance Company, a North Carolina Corporation, Appellees.

United States Court of Appeals Fourth Circuit.

Decided February 24, 1964.

Attorney(s) appearing for the Case

E. C. Stothart, Jr., Charlotte, N. C., for appellant.

Ernest S. DeLaney, Jr., Charlotte, N. C. (Bradley, Gebhardt, DeLaney & Millette, Charlotte, N. C., on brief), for appellees.

Before SOBELOFF, Chief Judge, and HAYNSWORTH and BRYAN, Circuit Judges.

ALBERT V. BRYAN, Circuit Judge.

The North Carolina usury law was invoked in this case, after its removal to the District Court from the North Carolina State court, by Francis O. Clarkson, Jr., receiver of the Credit Company, Inc. of Charlotte to recover double the amount of the interest, the prescribed penalty, paid by his company under a loan agreement with The Finance Company of America at Baltimore, Maryland. Concededly usurious under the North Carolina statute...

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