Little Falls transcript. [volume] (Little Falls, Morrison County, Minn.) 1876-1894, 1879-03-27

AN ACT relating to interest on money and
usury.
Be it enacted by the Legislature of the State of
Minnesota:
Section l. That interest for any legal in
debtedness shall be at the rate of seven dollars
upon one hundred dollars for year unless
different rate Is contracted for in writing. and
no person, company, or corporation, shall di.
rectly or Indirectly take or receive in money,
goods or things in action or in any other way,
any greater sum or any greater value for the
loan or forbearance of money, goods or things
in action than ten dOllarsO one hundred dol
lars for one year; and in the computation of
interest upon any bond, note or other instru-
ment or agreem emit. interest shall not be COM
pounded. But any contract to pay interest
not usurioas upon interest overdue shall not
be construed to be usury.
Sec. z. Every person who for any such loau
or forbearance, shall have paid or delivered
any greater sum or value than is above allowed
to be received, may by himself or his personal
representatives, recover in an action against
the person who shall have taken or received the
same, or his personal representatives, the full
amount of interest or premium 80 paid, with
costs, if such action shall be brought within
two years after such pay ment OF delivery. Pro-
vided. that one-half of the amount SO recov-
cred shall be paid by the officer collecting the
same into the county treasury of the county
where such penalty Is collected, for the use of
the common schools.
Sec. 8. All bonds, bills, notes, assurances,
conveyances, chattel Mortgages, and all other
contracts and securities whatsoever, and all
deposits of goods, or anything whatever, where
upon or whereby tt ere shall be reserved, Sc
cured or taken any greater sum or value for
tn" loan or fOrbearance of any money, goods or
thinga in action, than is above prescribed, ehall
he void. except as to the bona fde purchasers of
negotiable papers as hereinafter provided in
good faith, for valuable consideration before
maturity. Provided, that no merely clerical
error in the computation of interest made with
no intent to avoid the provisions of this act
shall constitute usury. Provided further. that
interest at thu rate of one-twelfth of ten per
centum for every thirty days, shall be con-
sLrued not to exceed ten per centum per an
num- Provided further, that the pay ment Of
interest in ad. ance for y. ar at rate not to
exc ed ten per centum per apnum, shall not
be cOnRtrued to constitute usury. Provided
further, tina. nothing herein shall be construed
to prevent the purchase of negotiable mer-
camille paper, luxurious or ttherwise, for q
valuable consideration, by an innocent pur-
chaser, free from all equities at any price, be-
fore the maturity of the same, when there hal
been n" intent to eva4le the provisions of this
act, or where said purchase has not been part
of the original usurious transaction. In anv
case, however, where the original holder of =
usurioua note sells the same to an innocent pur-
chaser, the maker of said note or his repre-
sentatives shall have the right to recover back
from the said original holder, the amount Of
principal and interest paid by him ON said
note. 49, (,
? Sec. I. Every person, company or corpora
ton offending against the provisions Of this
act, shall be compelled to answer on oath any
complaint that may be exhibited or fled against
him in the district court for the proper coun-
ty. for the discovery of any sum Of money.
go.x,s. things in action 20 taken. accepted ur
T. civet. in violation of amy Of the foregoing
T DIVISIONS.
Nee. S. Whenever in any action in any court
the defendant shall plead II answer the defense
IF nsury Ell, her ,mrty t., the action may be .
witness in his uwu brh~lf on the tria !, except
in activus in vi ich the opposite party sues or
defends a admin TRAITOR or personal repre-
sentative of deceased person; except also, ao-
ton. in which the opposite party claims as AZ
signee. and the original assignee is deceased.
In case of all notes or other Instruments i,ear-
ing interest, when no rae Of ints.rra il speci-
fed after maturity. the said note Or uther in-
strunent shall tie construed IT, hear the same
rate Of interest after maturity - before, and
antil fully paid and satisfied.
Sea. s. Khansser it sakiafactorily appeau