Harlan F. Stone

“ In practice, as in the present case, respondent usually, with the consent of the borrower, delivers the note to its own note broker in Philadelphia, receives from him the proceeds of the note, less discount and brokerage, and pays or forwards the amount so received to the borrower. At maturity he must pay the face value of the note to respondent, or, as was the case here, renew the note by paying a new commission and the amount of the discount on the matured note. ”

“ Respondent, a Pennsylvania corporation having its place of business in Philadelphia, could legitimately lend funds outside the state, and stipulate for repayment in Pennsylvania in accordance with its laws, and at the rate of interest there lawful, even though the agreement for the loan were entered into in another state, where a different law and a different rate of interest prevailed. ”

“ Pond, supra:
'If the rate of interest be higher at the place of the contract than at the place of performance the parties may lawfully contract in that case also for the higher rate.'
See Miller v. Tiffany, supra, 310; Junction R. R. Bank of Ashland, supra, 229; Cromwell v. County of Sac, supra, 62; Wharton, Conflict of Laws, § 510h. Cf. Tilden v. Blair, 21 Wall. 241, 22 L. Ed. 632; and see Cockle v. Flack, 93 U.S. 344, 347, 33 L. Ed. 949. ”