Scottish Court of Session Decisions

Subject_1 USURY.

Creditors of Pitcairn
v.
Foggo

1768. —.
Case No. No. 39.

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The Creditors of George Pitcairn brought a reduction and declarator of usury against Samuel Foggo, banker in Edinburgh, for setting aside a state of accounts in which was a charge to Pitcairn's debit of £.40 for commission during the period of the account. The suit concluded for reduction and for the penalties of the statute 12th Queen Anne, Cap. 16. against usury. The Lords having remitted the question as to the practice of charging commission to several of the most eminent merchants and bankers in Edinburgh, on advising their report, “That the universal established practice over all Europe authorises the charge of a commission not exceeding a half per cent. on all money transactions for account of another,” found that there was no foundation for the charge of usury; and assoilzied the defender.—See Appendix.

Fol. Dic. v. 4. p. 393.