Stevens County tribune. (Morris, Minn.) 1877-1880, 1879-03-20
I OK


AN ACT relating to interest on money and
usury.
Be it enacted by the Legislature of the State of
Minnesota:
Section /. That interest for any legal in
debtedness shall be at the rate of seven dollars
upon one hundred dollars for a 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 dollars on one hundred dol
lars for one year; and in the computation of
interest upon any bond, note or other instru-
ment or agreement. interest shall not be COM
pounded. But any contract to pay interest
not usurioIs upon interest overdue shall not
be construed to be usury.
Sec. 2. Every person who for any such loan
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 so 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. ALI 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 there shall be reserved, Sc
cured or taken any greater sum or value for
the loan or forbearance of any money, goods or
things in action, than is above prescribed, shall
be void. except as to the bona fde purchasers of
negotiable papers as hereinafter provided in
good faith, for a 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 The rate of one-twelfth of ten per
centum for every thirty days. shall be con-
strued not to exceed ten per centum per an
num- Provided further, that the payment of
interest in advance for one year at a rate not to
exc ed ten per centum per annum, shall not
be construed to constitute usury. Provided
further, that nothing herein shall be construed
to prevent the purchase of negotiable mer-
camille paper, usurlous or therwise, 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 has
been mo- intent to evade the provisions of this
act, or where said purchase has not been a part
of the original usurious transaction. In any
case, however, where the original holder of o
usurious note sells the same to an innocent pur-
chaser, the maker of said note or his repre-
ccnUablVos Shall nave bno rABnb W recover DaCk
from the said original holder, the amount of
principal and interest paid by him on said
note.
Sec. 4. Every person, company or corpora
tion 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 snm of money.
goods. or things in action taken, accepted ur
received, In violation Of any of the foregoing
provisions. :
Sec. 8. Whenever in any action in any court
the defendant shall! plead cr answer the defense
of usury, either party to the action may be
witness in his own behalf on the triai, except
in antions in which the opposite party sues or
defends as admin traitor or personal repre-
sentative of deceased person; except also, ao-
tiona in which the opposite party claims as aa-
signee. and the original assignee is deceased.
In case of all notes or other instruments bear
ing Interest, when mo- rate of interest ia speci-
fed after maturity tbs said note or other in
strument shall be construed TO bear the same
rate Of interest after maturity ~ before and
until fully paid and satisfied. i
Bee. q Whenever it satisfactorily appears