The Wyandot pioneer. (Upper Sandusky, Ohio) 1853-1868, 1859-03-04
The Ten Per Cent La w .

Ane len FER Gent Law.
The Act repeating the Ten per cent
law is as follows.
Sec. /. Be it enacted by the Gene raj
Assembly Of the State Of Ohio, That the
act passed March IA, 1850, entitled "an
Act to amend the Act entitled an Act,
fixing the rate Of interest, passed Janua-
ry l2. 1894, and all other laws on the
subject" be and the same is hereby re-
pealed.
Sec. 2. This Act shall take effect and
be in force on and after the lst day Of
April. 1859.
Tue repeal Of this law throws us back
to the old system, and the interest Of the
State will hereafter be regulated by the
following acts: ''''"
An Act. fixing the rate Of interest. Pass.
ed January IL, 1924. Took effect
June /, 1894. " Y 'N'
[l1 Section /. Be ii enacted by the
General Assembly Of the State of Ohio,
That all creditors shall be entitled to
receive interest on all money, after
the same shall become due, either on
bond, bill, promisory note, or other
instrument Of writing, or contract for
money or property; on all balances due
on settlement between parties thereto, or
money withheld by unreasonable and
vexatious delay Of payment and on all
DEGREES obtained in any court Of chancery,
for the payment Of money, from the day
specified in the said decree for payment
thereof, or if no day be specified, then
from the day Of entering thereof, until
such debt, money, or property is paid; at
the rate Of six per centum per annum ,and
no more.
re- Sec. II. That the act fixing the
rate OF interest and for the prevention Of
usury, passed December twenty ninth,
eighteen hundred and four. be and the
same is hereby repealed.
This act shall be in force on and after
the first day of June next. l-
An Act to amend an Act fixing the rate
Of interest, passed January IL, 1924.
T3] Sec. 1. Be it enacted by the Gen
eral Assembly Of the State of Ohio, That
in all cases for the recovery Of money,
hereafter prosecuted in the Courts Of this
State, all payments Of money or property
made by way Of usureus interest whether
made in advance or not, shall be deemed
and taken, as to the excess Of interest a.
bove rate allowed by law at the time of
making the contract, to be payments made
on account of principal; aud the said court
shall render Judgment for no more than
the balance found due after deducting
the excess Of interest SO paid; nor shall
eny debtor be deemed particeps crimi-
mis-, on account Of having agreed to pay
such exorbitant interest, but shall have
like remedy and relief in either case; Pro-
vided, that no bona fide endorsee Of ne
gotiable paper purchased before due, shall
be affected BY any usury exacted by any
former holder Of such paper, unless he
shall have actual notice Of the usury pre-
viously to his purchase. But the amount
Of such excess Incorporated into negc.
table paper may in such cases, after pay.
ment,b recovered back by action against
the party originally exacting the usury,in
any Court Of competent jurisdiction.
~ Sec. 5. That this shall take effect
and be in force on and after the first day
of March next. But all acts done and
rights acquired previously to the taking
effect Of this act, shall be adjudicated ac-
cording to the laws now in force.