The Daily clarion. [volume] (Jackson, Miss.) 1866-1888, 1877-01-20
Laws OF Mississippi Regulating
Interest and Taxing Ban kers
and Banking.

In answer to inquiries touching the
laws of Mississippi bearing on rates of
interest for money loaned, and the tax
on the business of banking, we herewith
append the statutes as follows:
LEGAL AND CONVENTIONAL RATE OF INTER-
EST.
SECTION 2279. The legal rate of interest
on all bonds, notes, accounts, judgments
and contracts, shall be six per cent per
annum; but contracts may be made, In
writing, for the payment OF rate OF inter
est as great as ten per cent. per annum
And if greater rate of interest than ten per
cent shall be stipulated for, in any case,
such excess shall be forfeited, on the plea OF
the party to be charged Herewith and all
judgments and DEGREES, founded on any
contract, snail bear interest after the rate OF
the debt on which such judgment or decree
was rendered.
SEC. 22S0. The issues, bills, notes, bonds,
or certificates of deposit, OF any bank, cor
poratiOn, or association OF persons termed
for banking purposes, or possessing banking
privileges situated without the limits of this
State shall not be loaned in this State, by an
agent, officer, or person employed by, or
having any interest in. or connection with
any such bank, corporation, or association
of persons at greater rate of dis
count or interest, and such bank,
corpOration or association of persons
formed for banking purposes, or
possessing banking privileges is allowed to
| take or receive on the loan of money, under
or by virtue of the charter Of such bank,
CORPORATION or association, or by the law of
| the State where the same may be Situated,
| or by the laws of this State; and all con-
| tracts and agreements, made in violation
of the provisions OF this section, shall. as to
| the whole of the discount or interest allow
| ed or paid, or agreed to be allowed or paid.
| be utterly void, and of no effect, and such
| discount or interest may be recovered back,
| by the person suffering such discount, or
paying such interest.
SEC. 22ol. All judgments not specified in
this chapter, shall bear interest at the rate
| of six per cent per annum.
| SEC. 1892. When partial payments are
| made on bonds, contracts, or assurances that
| bear interest, the interest that has accrued
up to the time of such payment, shall be
| first credited and the residue OF such
partial payment shall be placed to
| the payment of the principal; and
the same rule shall apply to all debts
due by the judgment, sentence, or decree OF
| any court.
SEC 22s3. That this act shall take effect
from and after the first day of October, A.
| d. 1871.
Approved, May -, 1871.
Section 2279 of the above act was re.
pealed in 1878, and interest was made
conventional by agreement between the
parties; but the act was repealed in 1875,
and the section (2279) was revived
Chapter 1853, page IA, acts 1879. Con
sequently, the law regulating interest,
stands as above.
The present tax on bank ers and bank
ing is as follows:
EXTRACT FROM act APPROVED APRIL IL, 1876
Each bank of discount or deposit,
! in city or town of less than two
| thousand inhabitants. ..........$ 200 90
! Which shall be in lieu of all
taxes on ten thousand dollars
of the capital of such bank.
| Each bank of discount or deposit
in city or town of over two thou
| sand and less than four thou
sand inhabitants .... 800 OC
Which shall be in lieu of all
| taxes on fifteen thousand dollars
of capital.
Each bank Of discount or deposit
| in city or town OF over four
thousand Inhabitants. .....--. 900 OF
Which shall be in lieu of all
taxes on fifty thousand dollars
of capital stockJ of such bank;
Provided, That any person or
persons doing banking bust
ness in city or town of over four
a. thousand inhabitants, whose
| business is based on capital
of less than twenty thousand
dollars, including all stocks,
bonds credits of every descrip-
tien, whether deposited in or
out of the State, and will furnish
to the Auditor of Public Ac-
counts, under oath, statement
showing such fact, shall not be
required TO pay a privilege tax
of over $500, which shall be in
full for all taxes on twenty
thousand dollars of capital.