Case ID: wright_1/html/0753-01.html
Source: Caselaw Access Project
Author: {"author": "BY THE COURT.", "license": "Public Domain", "url": "https://static.case.law/"}
Date Created: 2024-08-24T03:29:51.129683

BROCKWAY v. CLARK.
    Interest — usury—demurrer.
    The agreed rate of interest after the debt is due, will not he calculated if higher than six per cent.
    After a demurrer to a bill in chancery setting forth a particular state of fact, the defendant will not be permitted afterwards to set up a new state of fact as the basis for counting higher interest.
    Chancery: (see 6 O. 45.) The master reported several calculaiations under the order of reference.
    1. Of the money loaned at the rate of six per cent, per annum, compounding every ninety days, and making abalance due of $31.01.
    2. According to the agreement in March, 1830, for ten per cent, every ninety days — -since October, 1827 — balance due, ....... 219.66
    3. According to the original agreement for ten per cent, compounding every ninety days — balance, . . 816.19
    The complainant excepted to the two last calculations, and The defendant to the first.
    
   BY THE COURT.

The exceptions are allowed on both sides. The bill alleges the giving a note for $130, in October, 1827, at ninety days for $100 borrowed. The giving a second note in January or February, 1826, for $150, or $160 in ninety days. The giving a third note in May or June for $216. These are all thenotes alleged, to have been given for the loan, and they were given on an agreement for ten per cent, for each ninety days. This is admitted true by the defendant’s demurrer to the bill- — and he will not now be permitted to set up a new contract. For two hundred and seventy days, then, from October, 1827, the defendant is entitled to the agreed rate of interest, in the aggregate thirty per cent. For the 728] *residue of the time since the loan was made, he is entitled to interest at the rate of six per cent, per annum. A calculation on this principle, applying the first payments to the interest due, leaves due to the defendant $46.40. A decree may be drawn enjoining the judgments at law on the complainant’s paying that sum and the costs on the judgment.