HOLISAK v. NORTHWESTERN NATIONAL BANK OF ST. PAUL

No. 43673, 43819.

210 N.W.2d 413 (1973)

Dennis J. HOLISAK, etc., Appellant, v. NORTHWESTERN NATIONAL BANK OF ST. PAUL, Respondent, First National Bank of St. Paul, Respondent.

Supreme Court of Minnesota.

September 14, 1973.


Attorney(s) appearing for the Case

Burns & Meshbesher, Minneapolis, Kelley & Thorough, and James M. Kelley, Lincoln, Neb., Carey & Stoll, Portland, Ore., for appellant.

Moore, Costello & Hart, B. Warren Hart, Robert A. Albrecht, and Ronald E. Martell, and Faegre & Benson, St. Paul, for Northwestern National Bank of St. Paul.

Dorsey, Marquart, Windhorst, West & Halladay, and William A. Whitlock and Jan Stuurmans, Minneapolis, Briggs & Morgan, Frank J. Hammond, and Richard E. Kyle, St. Paul, for First National Bank of St. Paul.

Hughes, Hughes & Thoreen, and Fred J. Hughes, St. Cloud, amicus curiae, for Minn. Bankers Assn.

Heard and considered en banc.


PETERSON, Justice.

Plaintiff, by individual and class actions against defendant Northwestern National Bank of St. Paul (Northwestern) and defendant First National Bank of St. Paul (First National), both national banking associations, claims that defendants' charging of 8-percent interest on instruments of indebtedness, using the so-called 365/360 method of computation, exceeded the maximum rate of interest permitted under Minn.St. 334.01, this state's usury statute...

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