Barton County democrat. [volume] (Great Bend, Kan.) 1885-1915, 1889-04-04

by the Kans.s Legislature.
At the recent session OF the Legislature
the law In regard to rates Of interest was
amended the legal rate being reduced
from seven and twelve per cent to sir and
ten Per cont, the latter being the maximum
rate. Following is the law in full, which
goes into effect after publication in the
statute book, which will be about June I:
SectioR1. Creditors shall be allowed to re-
ceive interest IT the rate OF six per cent per
annum. wAan NO other rate OF interest is agreed
upon for ANY money after it becomes due; for
money lent money due on settlement OF ac-
count from the day Of hQuidating the same and
ascertaining the balance; for money received
Ter the use of anothes, and retained without the
owners knowledge of the receipt: for
Roney due and wSshheld by an unreason-
able and vexasiouS delay OF payment or
settlement Of acceuuts; for all other
money due and 20 become due for the forbear-
20 pay interest has been made: and for money
due from corporations and individuals to their
day - monthly employees from and after the
end Of each month unless the same shall be-
PAID within fifteen days thereafter.
See 2 The parties to any bond biz. promis-
sorry note or other Instrument or foybearanco
OF money, may stipuIate therein for interest re-
cefVaote upon the amount OF such bend, bill
note OF other instrument Of writing and no
person SEAL recover in any court more than
ten per cent interest thereon per annuus:- Pro-
Vded, That any person. contracting for q
greater Fate OF interest than ten per cent. per
annum shall forfeit all interest so contracted
Tor IN excess OF such ten percent. and in adii-
ton thereto shall forfeit a sum of money. to be
deducted from the amount due for principal and
lawful interest. equal to the amount of interest
contracted for in excess os ten per cent per
annHm
Sec. 8 An payments OF money or property
made by way OF usurious interest or of indace-
ment to contract for more than ten per cent. per
annum- whether made in advance or not, shall
be deemed and taken to be payments, made on
account of the principal and ten per cent interest
per annum, and the courts shall render iudg
ment for no greater sum than the balance,
FOUND due after deducting the payments OF
money or property made as aforesaid; Provided,
that no bona hde indorsee of negotiable paper
purchased before due shall be affected by any
usury exacted by any former holder OF SUCH.
paper. unless he shall have actual notice OF the
usury previous to his purchase. But double tho
amount OF such excess Incorporated into
negotiable paper may, in such cases, after pay
ment be recovered back by action against the
party originally exacting the usury. in any
court OF competent jurisdictions; Provided,
further, that such action shall be brought Within
ninety days from the maturity of such paper:
Sec. f. All judgments of courts of record and
justices OF the peace shall bear interest from
The day on which they are rendered. at the rate
Of six per cent. per annum, except as herein
otherwise provided.
Sec. When a rate OF interest Is specified in
any contract, the rate shall continue until full
payment is made: and any judgment rendered
on any such contract shall bear the same rate
OF interest mentioned in the contract, which
rate shall be specified in the judgment, but in
no case shall such rate exceed ten per cent per
annum; and any bond, note, bill or other con-
tract for the payment of money, which in effect
provides that any interest or any higher rate OF
interest shall accrue as penalty for any de-
fault, shall be void as to any such provisions