The Sedalia weekly bazoo. [volume] (Sedalia, Mo.) 187?-1904, 1879-05-06
LEGAL INTEREST.
An Act Regulating the Interest Of
Money.

The following il the text Of Houae bill
No. COZ introduced BY Mr.. Powell, and
paced April 80. 1879:
BE IL e,saoted By ne Gen>sd .iS~embly Of The
Mute of Missosri, as Joyoscs:
SECTION /. Creditors shAli be allowed to
receive interest At the rate Of six per cent.
per annum, when no other rate il agreed
upon, for ell moneys af.er they become due
and payable on written contracts, and On
accounts after they becom. due and demand
Of pay IL made; Tor moneys received
for the use of another, and retaiaed without
the owners nowIe,lg. oi the receipt and
for all other money due or To become due
for the forhearance Of pay ment whereof an
express promise to pay Interest has been
made.
SIC. =. The parties may agree in writ
ing for the payment Of interest Al rate not
exceeding eight per cent per anaum on
money due or to become due upon any con.
tract.
SEC. >. Interest shall he allowed on all
moneys due upon any judgment or order Of
any court iron the day Of rendering the
same until satisfaction be made By payment,
accord or sale Of property, end such judg-
ment and orders for money upon contracts
hearing more than six per cent. interest
shall bear the interes, borne BY such con-
tracts and all other judgments aud orders
for money shall hear interest at the rate OF
six per centum per annum, until ssiisfac-
ton made N aforesaid.
SEC. 4. No person, bank or other cor
sb~l1 Aieocslv pnAseocalv e~ka
for the use or loan Of money or other COM
modify above the rate OF interest specified
IN the three preceding sections.
SEc. ). ii any suit shall hereafter be
commenced upon any bond, note, mortgage,
speciality, agreement. promise or assurance
whztever made within this State, the de-
PENDANT may, in his answer, show that
higher or greater rate OF interest than eight
per cent. per annum Was therein or thereby
agreed for, received or taken, and il the
answer Of the defendan; To any such suit
shall be sustained BY the verdict Of the jury
or the finding Of the court, the court shall
render Judgment on such verdict or finding
for the real sum of money or price Of com
modify actually lent, advanced or sold, and
interest on the same n the rate OF six per
cent. per snnum; and upon the rendition Of
Judgment The court shall cause an order To
be made setting apart such interest for the
uss of the county in which such suit may
be brought for the use Of common schools.
and the same, when collected, shall be paid
over accordingly, and 60 to and from . part
Of the common school fund of said county,
and the defendant shall recover his costs.
SEC 6. Any person. bank or other cor.
poraiion Who shall take or agree To receive
or take any higher or greater rate Of inter-
est than il specified in this act, shall forfeit
and pay to the county for the Use Of the
common schools therein eight per centum
Of the amount loaned to be recovered BY
civil action in any court Of competent juris-
dic,ion. And il is hereby made the duty
Of the prosecuting attorney upon Informs
ton OF any such loan having been made 20
Immediately institute such action in the
name Of the county for the use and benefit
Of the common school fund. and the county
shall recover its costs. including the attor-
neys fee. which shall not exceed Eve dollars.
SEC. 2. Any party who has paid interest
for the Use or loan Of money or other COM
modify in excess OF the rate Of interest a.
lowed By this set shall have the right in
person or BY his legal Representatives TO sue
for and recover back snch excess from the
party receiving the same or his legal repre-
eentative-, with legal interest thereon at
any time within i've years from date OF
pay men, Of such excess in any court oil CON-
petent jurisdiction.
SEC. 8. Parties may contract in writing
for the payment Of interest upon interest,
but the interest shall not he compounded
oiiener than once year. When . diderer,
rate ia not expressed, interest upon intere-,
shall bear the same rate as interest upon
the principal debt.
SEC. 3. All acts and parts Of scts incon-
sisten, With the provisions Of this act are
hereby repealed.