Spirit of Jefferson. [volume] (Charles Town, Va. [W. Va.]) 1844-1948, 1872-02-20
The Interest Bill Passed BY the House.

4Ao 40soI6Sk Olll dSS6dS Uya aOuS6
Tie following is the full texto of the interest
bill as passed by the House of Delegates,
together with the vote ofthe members thereon.
GUS BILL NO. 90.
a BILL to amend and re-enact Sections 5
and Z of Chapter SO of the Code of West
Virginia, and to re-enact Sections 8, g, 10
aud IL of Chapter 141, of the Code of Vir.
GINA OF 1850, in relation to money and
interest.
Be it enacted By tie Legislature of Vest FIR.
giaia /:
/. Sections. five and seven, of oh. pier
ninety-six. of the Code of West. Virginia, are
amended and re>enacted as follows:
50: All contracts or assurances, made di-
rectly or indirectly, for the loan or forbear>
ance of money, or other thing, at a greater
rate of interest than is allowed by the preced-
ing section, as to all the interest shall be void"
~. Any borrower OF money, or other thing,
may exhibit a bill in chancery against the
the money or other thing really lent, and ali
bargains, contracts, or shifts relative to such
loan, and the interest or consideration of the
same and Ii if it appear that more than lawful
interest was reserved, the lender shall recover
only his principal, money or other thing with
out interest, and shall pay the costs of suit"
z. BE ,t further enacted, IF any excess be-
yond the lawful interest be paid in any case,
the person paying the same may, in a suit
brought within one year thereafter, recover it
from the person with whom the contract was
made, or to whom the assurance was given
and it may be so recovered from such person..
Notwithstanding the payment of the excess be
made to his endorser OF assignee.
3. Any Judgment creditor who apprehends
that he is in danger of loss by reason of usu-
rious dealings on the part of his debtor. may
exhibit his bill in equity, verified by affidavit,
against the party with whom the dealings
were had and compel him to discover. on oath,
all bargains, contracts or shifts relative to such
dealings; aud lift appear that more than legal
interest has been received, the excess above
that rate. or so much thereof as may be neces>
sary, shall be applied to the satisfaction of the
plaintiffs demand. Such bill shall be fled
within five years after the receipt of such il
legal interest.
4. Upon bill requiring no discovery of the
defendant, but praying an injunction to pre-
vent the sale of property conveyed to recover
the repayment of a sum of money, or other
thing, borrowed at usurious interest, the. court
shall cause an issue to be made and tried at
its bar by a jury whether or no the transac~
GIou oe usufiouS, on the trial OF such issue,
neither the bill nor the answer shall be given
in evidence. If the jury find the transaction
usurious, then the same relief shall be given
as If the party claiming under the Conveyance e
had resorted to the court to make his claim
available. But the court may grant new trials
as in other cases.
t. 5. If any person take for the loan or for
bcarance Of money or other thing interest at
a greater rate than is allowed by law, he shall
forfeit the value Of such interest.
+. The laws in force Immediately before
the passage of this act. shall continue to apply
to all contracts heretofore made and demands
heretofore accrued, and the remedies to en-,
force them.
Z. This act shall take effect and be in force
from the first day of july, 1872.
YEAs-Messrs. Bennett, Cornwell, Gross,
Dawson, Elliott, Enoch, Fisher, Grantham,
Harrison. Hutton. Jordan. Legg, Lightner,
Tough. Many, McCoole, McComas. Monroe.
Nadenbousch, Nash, Parker, Poundstone,
Pritchard. Prunty, Reader of Nicholas. Side
bottom, Stout, West. Wilkinson, Williams
and White of Logan-31.
NAYs-Messrs Barr. Barclay, Bier, Bishop,
Bridges. Campbell of Monroe, Fleming,
Hughes. Jones. Lansfr. Lewis of Lewis,
Lewis of Kanawha, MCGOWAN. Miller. Nor
gan, Robinson. Rollyson. Ruckman. Sturgiss.
Thayer, White of Marshall and Mr. Speaker
-22.