Shepherdstown register. [volume] (Shepherdstown, Va. [W. Va.]) 1849-1955, 1873-03-15
TIE INTEREST BILL.

We publish the following bill, under
consideration in the Legislature, con-
corning interest. 1t will be observed
that it is proposed to render both prin-
cipal and interest ui.oollectable by law
when larger rate than SIX per cent.
has been charged for the use of money.
HOUSE BILL NO. 8.
A BILL to amend and re-enact sections
5 ard Z of chapter sc of the Code of
West Virginia, aud to re-enact sec
tons 8, 9, 10 and ii of chapter Ill,
of the Code of Virginia, of 1860, in
relation to money and interest.
Be il enacted by The Legislature of
West Virginia:
That sections 5 and 7 of chapter 90
of the code of West Virginia be amend
ed and re-enacted as follows:
IS. All contracts or assurances, made
directly, or indirectly, for the loan or
forbearance of money or other thing at
a greater rate OF interest than is allowed
by the preceding section, shall be void.
~. Any borrower of money or other
thing, may exhibit a bill in chan
Gerry against the lender, and compel him
to discover, upon oath, the money or
other thing really lent, and all bargains,
contracts or shift relative to such loan,
and the interest or consideration of the
same; and if it appear more than lawful
interest was reserved, the lender shall
pay the cost of suit"
2, BE IL further enacted, If an excess
beyond the lawful interest be paid in
any case, the person paying the same
may, in suit brought within one year
hereafter, recover it from the person
with whom the contract was made, or
to whom the assurance was given; and
it NAV be recovered from such person,
notwithstanding the payment of the ex-
cess be made to his endorser or assignee.
3. Any Judgment creditor who APP
prehends that he is in danger of loss by
reasons of usurious dealings on the part
of his debtor, may exhibit his bill in
equity, verified by an 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; and if it APP
pear that more than legal interest has
been received, the excess above that
rate, or so much thereof as may be ne
cessary shall be applied to the satisfac
ton of the plaintiff demand. Such bill
shall be filed within five years after the
receipt of such legal interest.
A. Upon bill requiring no discovery
of the defendant, but praying an injunc-
ton to prevent 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 jury, whether or no the transaction
be usurious 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 re-
lief shall be given as if the party claim
ing, under the conveyance, had resorted
to the court to make his claim available,
but the court may grant new trials as III
other cases.
5 If any person take for the loan or
forbearance of money, or other thing,
interest at greater rate than isallowed
by law, he shall forfeit the whole inter
est.
6. The laws in force Immediately be-
fore the passage of this act shall contin-
ne to apply to all contracts heretofore
made, and demand heretofore accrued,
and the remedies to enforce them.
I. This act shall take effect and be in
force from aud after the lst of July 1873.