Democratic banner., 1847-02-22
THE NEW INTEREST LAW.

THE NEW IN TEREST LAW.
Be ii enacted6y tie General assembly d
the STATE # Missouri, as EHws:
SEC. l. Creditors shall he allowed t.
receive interest at the rate Of six per cent
per annun for all moneys after they becnm,
duc. by any instrument of the debtor, il
writing. for money lent, OF money due or
settlement of accounts, from the day of Ii.
quidat,ng the same, and ascertaining the
balance; for money recovered for use OF
another, anil obtained without the owners
knowledge of the receipt for money due,
and withheld by an unreasor able and vexa-
'tions delay of payment or settlement of ac-
counts. and for all other money due, or to
become due for the forbearance of paymen;
whereof, an express promise to pay interest
has been made.
SEC 2. Interest shall be allowed on all
money due by judgment by law, or decree
in equity, from the day of rendering them,
until satisfaction be made by payment, ac-
cord and satisfaction, or sale Of property,
according to the rate pecified in the pre-
ceding section.
SEC. 3. No person shall directly or indi-
irectlv take for the use or loan of money OF
other commodity, above the rates OF inte-
rest specified in the first section Of this act,
far tho forbooramce ar use Of one hundred
dollars, or the value thereof, for one year,
and so after those rates for a greater or less
sum. or for a longer or shorter time.
SEC. 4. If any suit shall hereafter be
commenced upon any bond, note, mortage,
speciality, agreement, contract, promise,
or assurance whatever, which shall be made
within this State, the defendant may under
the. "Gcncral ISSUE" or if it be an action
IupoAa speciality, then under the plea Of
snoRr$ factum" show that n higher or
greater rate Of interest than six per cent.
per annum was thereby or therein agreed
i,r, or received or taken, and if the plea
# the d >frndant to any such suit shall be
-nStaincd by the verdict of a jury or the
ilding Of the court, the court shall render
Judgment on such verdict or finding, for the
real sum Of money, or price Of the COM
modify. actually lent and advanced, or sold,
after dcducting from the real sun of mon
y, or price of the commodity as aforesaid,
he amount Of interest contracted, or a
creed for, received, o: taken, over ard a.
bove the interest atthe rate of six per cent.
.,er annum, and shall render judgment for
inte rest on the real sum of money, or price
# the commodity as aforesaid, after max
my the deduction as aforesaid, at the rate
VI SIN per cent. per annuin, upon which
Judgment, tie court shall cause an order to
he made, setting apart the whole interest
for the use of the county, in which said
shit may he brought, for the use Of common
schools, and the same when collected, shall
be paid over accordingly, and go to, and
form a part Of the common school fund of
said county, and the defendant may recov.
er the casts.
SEC. S. Any person who shall agree to
receive, or take any higher or greater rate
of interest, than is specified in this act,
shall forfeit and pay to the county for the
use Of common schools, the whole interest
agreed to be taken or received, to be re-
covered before any Justice of The Peace, or
Circuit Court having jurisdiction, as in an
ordinary action of debt, upon information
Of any citizen Of the county, and the same,
when collected shall be paid over to the
proper officer Of the county, in which such
faction is brought, and go to and form a part
of the common school fund of the county
SEC. 6. This act shall not be so c"nstTu-
ed as to affec ct any contract relative to the
common school fund, hereafter made, under
! the provisions of an act entitled a Acl
to provide for the organization, support anc
Government If Common Schools" Approx
led, March 81 1915. But said school funC
may be loaned at any rate of interest no
exceeding ten per cent. per annun.
q Sec. 4. All acts and parts of acts whicl
are contrary to the provisions OF this act
ARE hereby rspssled.