# American Timber & Trading Co. v. First National Bank of Oregon

> Court of Appeals for the Ninth Circuit · November 20, 1973 · 511 F.2d 980

URL: https://www.frixlaw.com/law-library/cases/8895796

## Case

- **Full name:** AMERICAN TIMBER & TRADING COMPANY, an Oregon corporation on its own behalf and on behalf of all corporations and individuals who have been and are presently being charged interest rates in excess of the rates permitted by law v. FIRST NATIONAL BANK OF OREGON v. Lawrence BERNARD, Individually and Dr. Lawrence Bernard, Professional Corporation, Intervening
- **Court:** Court of Appeals for the Ninth Circuit
- **Decided:** November 20, 1973
- **Citations:** 511 F.2d 980; 1973 U.S. App. LEXIS 6938
- **Precedential status:** Published
- **Opinion:** Concurrence by Chambers
- **Judges:** Chambers, Choy, Kelleher
- **Cited by:** 15 later opinions in the Frix Law Library

## Citator (automated)

- No negative treatment found by the automated citator. That is not the same as a confirmation that the case is good law; read the citing cases.
- Full citator and citing cases: https://www.frixlaw.com/law-library/cases/8895796

## How later opinions describe it (automated extraction)

- noting that using the bank interest method resulted in an actual annual interest rate of 12.167%, even though Oregon statute limited the annual interest rate to 12%.

## Opinion text

CHAMBERS, Circuit Judge
(concurring) :
I concur in the foregoing opinion on the basis of precedent. Certainly what the bank was doing was not venal. This is not a case of loan sharking. I think the situation cries out for an amendment to the federal statutes to permit what was done here, i. e., 365/360.
Also, I think this is a case where our class action rules present a monstrosity. I was a lawyer once, and I am sure that most of the members of the class have never met the attorneys for plaintiffs. If outset solicitation of the business were proper, I am sure most of the “class” would have said, “No thank you.”
As I understand it, the district court has not yet fully defined the class and has not specifically ruled on the “small loans” question.

---

Source: Frix Law Library, https://www.frixlaw.com/law-library/cases/8895796. Public record. Not legal advice.