The Tipton advertiser. [volume] (Tipton, Cedar Co., Iowa) 1856-1962, 1873-04-10

The Bill that ID on tt Passage in
the Illinois Legislature.

forbearance OF any money, goods. or
thing in action shall continue to be six
dollars upon one hundred dollars for
one year, and after that rate for . |
greater or less sum, or for longer or
shorter time, except a. hereinafter |
, provided.
SEC. 2. Creditors shall be allowed |
to receive at the rate of six per cent |
um per annum for all moneys after |
they become due on any bond, bill.
promisory note or other instrument Of
writing; on money lent or advanced
for the use of another; on money due
on the settlement Of account from the
day Of liquidating accounts between
the parties and ascertaining the bal
ance; on money received to the use of
another, and retained without the
owners knowledge; and on money
withheld by an unreasonable and
vexstious delay Of payment.
Sec. 5. Judgment recovered before
any court or magistrate authorized to
enter up the same within this Safe
shall draw interest at the rate of six
per centum per snnum from the day
Of signing judgment until the effects
be sold or satisfaction Of such judy
ment be made. When Judgment is
entered upon any award of arbitrators
or report Of q master in chancery, or
on verdict of a jury. interest shall be
computed on the amount of the award
report or verdict from the time when
made or rendered to the time Of rem
dering the judgment, aud made part
of the judgment. a
SEC. 4. In all written contracts 1t r
shall be lawful for the parties to siipu- q
late or agree that ten per cent. per sn. n
mum, or any less sum of interest shall q
be taken and paid upon every one hun 7
dred dollars of money loaned or in any q
manner due and owing from any per- u
son or corporation to any other person 10
or corporation in this State. -
SEC. s. No person or corporation Ia
hall directly or Indirectly, accept or 60
receive, Ia money, goods, discounts or pr
thing in action, or in any other way. ''s
any greater sum or greater value, for "'
the loan, farbearance, or discount of
any money. goods. or thing In action.
than az above prescribed ~
SEC. g. Ifany person or corporation or
in this State shall contract TO receive ~
greater rate of interest or discount than IN
than ten per cent. upon any contract, Mr.
verbal or written, such person or cor orr,
,oration shall forfeit the whole of said ne
interest 30 contracted to be received, cha
nd shall be entitled only to recover pn,
he principal sum due to such person frie
+ corporation. Ser
SEC. :. The defense of usury shall ern
1t BE- allowed in any suit, unless the Co
'rson relying upon such defense shall He
up the same by plea, or file in the snp
use notice in writing. stating that ran
intends to defen against the con- ORD
ct sued upon, or set-of, on the -.
'und that the contract is usurious. the
'Ec. s. When any bond, bill draft, tina
eptance, mortgage, or other con- he
ct, shall have been or -hall be made wal
his State, or between citizens Of log
J any other State, Territory or ctin- t"'
!, bearing int al rate lawful frt
the laws OF this State, may be made Of I
,able in any other State, Territory sell
country, such contracts shall be By
,erned by the laws of tl,;. State frie
'Ec. 8. Whenever, in any statute, to
deed, written or verba! contract. raj
in any public or private instrument fri
'atever, any certain rate of interest OH
or shall be, mentioned, and no pc raj
ID of time is stated for which such
e is to be calculated, interest shall da,
calculated ut the rate mentioned, we
the year, in the same manner as ii alto
er annum' or ''by the year" had ito
en- added to the rate. CE
SEC. 10. In all computations of
ne, and Of interests and discounts, q tt
onth shall be considered to mean q
lendar month, and year shall con
t of II calendar months; and in
mputations of interest or discount
any number of days less than Hu
onth, day shall be considered "A
irtieth part Of a month, and interest -
discount shall be computed for such
actional parts Of a month upon the -
ito which such number of DAYS shall
ar to thirty.
SEC. Ill. No corporation shall here xS.
ter in'erposc the d.f4,.se of nsnry il !
~ action
One OF the most imposing bu-i less
ocks in process Of erection in New
1icago, il indeed. it il not the most ~
lensive one in the entire West.
ands at the corner OF two principal ~
reefs in the South Division Of the
~. 1t occupies nearly fourth Of a
uare, aud the land on which il
ands cost about $3.50, 900. The build
3 IL model of architecture. The rv
aterial IL marble on which all the u
Ill OF the stone-cntter's craft has WI
en expended. The main entrance tn,
n m hat Il