The Massachusetts spy, and Worcester County advertiser. [volume] ([Worcester, Mass.]) 1825-1831, 1826-07-05
state Naa9S.
Commonwealth of Massachusetts.
H. the gear Of our Lord, one thousand eighi
hundred and tNenfy-Si.r.

AN ACT in addition 20 an act entitled
San act to establish the rate Of Interest,
and 10 restrain the taking Of excessive Usu-
ry.n
SEC. 1. Be ii enacte! BY the Seaate and House
Of Representatives. IN General Court assembled 1,
AMI by he authority of The sane, That when
ever in any action brought OH any contract or
assurance for the payment of money, il shall
appear to the Court before which such action
shall be tried, by the pleading in the case,
and on application of the defendant, that a
greater rate of interest shall have been direct
iy or indirectly reserved or taken, than is al
lowed by the act TO which this act is in ADJ
ton, the defendant shall recover his full c'sts'
and the plaintiff shall forfeit three 60 ,tlc
amount OF the whole interest reser,~n ~ .:N-
en-, and shall have judgment go u"' Nv"
br the balance only, which TO- :. rter dednot
upon s1.u cp",ia'e OF al of said interest; and
'ns ''lee 'o'u ene >SSrate Of interest shall have
whehese' .s!h as aforesaid, remedy shall
opon PASSOVER back three fold the amount
acc.uehoie interest paid, either by an action
d ebt in any Court having jurisdiction there
81, or by hull IN Chancery in the Supreme
Judicial Court, which Court is hereby authnr-
lied to Try the same, provided said action
years from the time when The right thereto
accrued.
SEC. 9. Be al further enacted. That no
banking OF oliicI tustitutions which now arc or
hereafter may be incorporated in this Com
monwealth, shall reserve, fake, or receive.
directly or indirectly, any greater rato =
terest than by law they are authorized to re-
serve, take, and receive, before The passage
Of this act, upon penalty of FORGETTING three
fold the amount of the whole interest taken
or reserved, TO be recovered by indictment or
information before any Court proper to try
the same, to the use of the Common wealth.
SEC. 3. BE IL further enacted, That moth
ing contained in this act shall affect any con-
tract already mado.
SEE. 4. Be ii further enacted, That the
provisions Of the act, 10 which this act is in
addition, shall not hereafter be construed 10
extend to any contract made, or security Civ
en-, before the passing of said act.
SEC. 5. Be ii further enacted, That in the
trial of any action, wherein it shall anpcar by
the pleadings that the fact of usury shall be
put in issue, it shall be lawful for the debtor
the creditor being alive, TO become witness
and his testimony shall be received as eyi-
dence, and the creditor, if he shall offer his
testimony, sha! he received as witness, to-
getner with any otbeE leSai evidence that
may be introduced by either party.
SUo. 6. Be al further enacied, That the
eec0nd proviso in the first sec:ion, together
with the second and third sections Of the act,
TO which this act is in addition. be. and the
same are hereby repealed ;-Proyidsd, that
nothing in this act shall extend to the letting
Of cattle, or other ussges Of the like nature in
practice among farmers, or maritime con-
tracts among merchants, as bottomry, insur-
ance, or course of exchange, as hath been
heretofore accustomed.
Approved by the Governor, June 20, 1896.