The Plymouth Republican. (Plymouth, Ind.) 1878-1901, 1879-03-13

The following is the full text OF the
law recently enacted by the Legisla-
tire for the purpose or regulating the
rate OF interest.
See l. BE il enacted by the General
Assembly OF the State of Indiana. that The
interest nn loans or iOrbcarance at money,
goods or things in action, when the par
lies do not agree on he rate, shall bc six
dollars year un one hundred dDllars. and
nj that rate for greater az less sum, or for
shorter or longer time; but il may he
taken yearly or for IA shorter period or in
advance. and M agreement t., pay II his her
rate shall bc valid, unless The saline b. in
writing signed 10y the party 10 be charged
therein by and in such cases il shall not
be lawful to contract Tor more than 5 per
cent. per anrum
Sec. ,. Interest on judgments for
money hereafter rendered shall DC lrons
he date of the return % the verdict or
finding of the court, until The same shall
be satisfied at The rate per cent agreed up
on iy the parties in the original contract,
moi exceeding per cent, and II there is
no contra 1 by the parties, at the rate Of
six dollars year on one hundred dollars.
Sec 3 On money due On any ins,ru-
ment in writing and an account, stated
from the day OF settlement, or m account
closed upon the day an itemized bill shall
have been rendered and payment dcman-
ded or money had and received for the use
OF another and retained without his con
sent. interest shall he allowed at the rate
of 80 year on $500.
Sec. 4 when greater rate OF interest
than is hereby allowed shall be contracted
for, the contract shall be void as 10 the
usur.ous interest contract ID for, and in an
action on such contract, II il appear that
interest mt higher rate than per cent
or in case of written contract, higher
rate than per cent. has been directly OF
indirectly contracted for, the excess of in
terest over six per cent. shall he deemed
usurious and Illegal. and in an action on a
contract affected by such usury, the excess
over the legal interest may b. recovered by
the debtor whenever il has been reserved
or paid before the bringing Of the suit.
Sec. D. III au action be Instituted on 4
contract ih which illegal interest shall
have been directly or indirectly contracted
for, and the defendant shall have before
the commencement of the suit rendered 10
the plaintiff his principal with six per cent.
interest, the defendant shall recover costs
Sec. q. When in any loan or contract a
rate of interest is specified but no period
of time is mentioned for which such rate
is to be calculated, it shall be deemed TO
be by the year
Sec. Z. The provisions of this act shall
apply TO all contracts made within this
State, although they are To be performed
without this State, and when contract
shall be made without the Stale, and a rate
of interest greater than that herein allowed
shall be directly or indirectly contracted
for, and mortgage shall be executed to
secure the performance Of the contract on
lands in this State. such lands shall not
be liable for higher rate OF interest than
is provided for in this act.
Sec 3. All acts on the subject of inter
est. including such as relate to interest and
.pnblic funds, interest on purchase money OF
canal, college, school or saline lands. are
hereby repealed, and hereafter the interest
on public funds, purchase money of canal
college, school or saline lands. and upon
the permanent school fund, shall be at the
rate of IS on the 500, but nothing herein
contained shall DC constructed as affecting
existing contracts, except, after verdict as
herein provided, nor the right TO defend
in suit upon such contracts for excessive
interest, as is now provided by law.