However, the bank appealed the next day, and the decision was ultimately nullified on the grounds that a justice of the peace did not have the power to make such a ruling. The jury returned a verdict for the defendant, and the justice of the peace declared that the mortgage was. The jury and the justice of the peace, Martin V. Daly based his defense on the argument that the bank had not actually loaned him any money but had simply created credit on its books.ĭaly argued that the bank had thus not given him anything of value and was not entitled to the property that secured the loan. The plaintiff was the First National Bank of Montgomery, which had foreclosed on Daly's property for nonpayment of the mortgage, and was seeking to evict him from the property. The decision in that case is sometimes cited by opponents of the United States banking system. Justice Court, Credit River Township, Scott County, Minnesota), also known as the Credit River Case, was a case tried before a justice of the peace in Minnesota in 1. First National Bank of Northern California opened in 1963 to serve the credit and deposit needs of Daly City.įirst National Bank of Montgomery v. First Desktop Banker Business Credit Cards Business Credit Card Rewards International Services. Jerome Daly had a mortgage with the First National Bank of Montgomery. The first is the reference to a publication called.
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