The Saline County journal. [volume] (Salina, Kan.) 1871-1893, 1889-03-07
rar syw INTEnEsr LAW.


The interest bill which passed
both houses Of the Legislature and
received the governors signature IL
~ follows:
Be u ems eted by the Legislature Of the state
OF Kansas.
SECTION 1. Creditors shall be
allowed to receive interest ~ the
rate Of ak per cent per annum when
no other rate Of interest II agreed
upon, for any money after it becomes
due, for money lent or money due on
settlement Of account, from the day
Of llquidating the same and Hscer-
tanning the balance; for money
received for the use Of another, and
retained without the owners knOwl-
edge Of the receipt; for money due
and withheld by an unreasonable
aud veKatiOus delay OF payment or
settlement Of accounts; for sill Othe
money due aud To become due, for
the fOrbearsnee OF payment whereof
an express promise to pay interest
has been made; aud for money due
from corporations aud individuals
to their day aud monthly employees,
from and after the end Of each
month, unless the same sb all be paid
within fifteen days thereafter.
SIC. =. The parties to any bond,
bill, promisOry note or other instru-
ment for the payment or fOrbear
ance Of money, may stipulate therein
for Interest receivable upon the
amount Of such bond, bill, note OF
other instrument OF writing; and no
person shall recover In any court
more than 10 per cent Interest
thereon per Annum: Provided, that
any person 50 contracting for n
greater rate Of interest than 10 per
cent per aunum shall forfeit all inter
est so contracted for In excess OF such
| 10 per cent; aud In addition thereto
shall forfeit q sum Of money, to bt
deducted from the amount due for
the principal aud lawful interest
equal to the amount Of interest con-
tracted for in excess OF 10 per cent
per annum.
SEC. 3. All payments Of money
or property made 10y way OF usuTiou'
interest or Of indueement TO cont acI
| for more than ten per cent pei
annum, whether made in advance
or not, shall be deemed aud taken To
be payments made on account oi
the principal aud ten per cent In
terest per annum, and the courts
shall render Judgment for no greater
sum than the balance found due
after deducting the payments 81
money or property made a. afore
said, Provided, That no bona iid'
indOrsee Of negotiable paper pur-
chased before due shall be affected
by any usury exacted by any fOrmeI
holder OF such paper, unless he
shall have actual notice OF the usury
previous to his purchase, but th,
amount Of such excess incorporated
into negotiable paper may, In sucf
cases, after payment, be recovered
back by actiOn against the party
originally exactlng the usury, Ia
any court Of competent Jurisdiction
Provided, further, that such actor
shall lie brought within ninety day
frOm the maturity Of such paper.
So. / All judgments of courts
Of records and Justices of the peacI
snail bear interest from the day oil
which they are rendered, at the rate
Of six per cent per annum, except u
herein otherwise provided.
| Sc. 3. When a rate Of Interest u
specified In any contract, that rat
shall continue until full payment !
made; and any Judgment Rendered
on any such contract shall bear Tia
same rate Of interest mentioned ID
the contract, which rate shall b.
specified in the judgment; but II
no case shall such rate exceed tel
per cent per annum; aud any bond
note, bill or other contract for th'
payment OF money, which In etiec
provides that any interest, or an!
higher rate Of interest shall accrue
as penalty for any default, shall ID
void ~ To any such provisions.
SIC. q. Chapter ~ Of the laws a
1871 aud chapter l3I Of the laws OI
ISL are hereby repealed.
Sc. Z. This art shall be In fore
from aud after Its publication.