Western Kansas world. [volume] (WaKeeney, Kan.) 1885-current, 1889-03-09
The New Interest Law.


The interest bill which passed both
bouses of the legislature and received
the governors signature is as follows:
BE It enacted by the legislature of the State of
Kansas:
SECTION l. Creditors shall be allowed
to receive iutereat at the rate of six per
cent. per annum when no other rate of in.
terest is agreed upon, for any money
after il becomes due, for money lent or
money due ON settlement of account.
from the day OF iquidating the same and
ascertaining the balance; tor money re-
ceived for the use OF another, and retained
without the owners knowledge OF the
receipt; for money due and withheld by
an unreasonable and vexatious delay OF
payment or settlement OF accounts; for all
other money due and to become due, for
the forbearance OF payment whereof an
express promise TO pay interest has been
made: and for money due from corpora.
tons and individuals to their day and
monthly employees, from and after the
end of each month, unless the same be
paid within fifteen days thereafter.
SEC. 2. The parties TO any bond, bill,
promisory note or other instrument for
the payment or forbearance OF money,
may stipnlate therein for interest receiv.
able upon the amount of such bond, bill
note or other instrument OF writing; and
no person shall recover in any court more
than 10 per cent. interest thereon per an
mum; Provided, that any person SO con-
tracing for greater rate of interest than
10 per cent per annum shall forfeit all in
- ko1 e. IF aci,
10 per cent; and in addition thereto shall
forfeit sum Of money, to be deducted
from the amount due for the principal
and lawful interest equal to the amount
OF interest contracted for In excess of IL
per cent per annum.
SEC. 3. All payments of money Or
property made by way Of usurious inter-
est or OF inducemeDt TO contract for more
than 10 per cent. per aunum, whether
made in advance or not, shall be deeme |
and taken to be payments made On ac-
count of the principal and 10 per cent.
interest per annum, and the courts shall
render Judgment for no greater sum than
the balance fonnG due after deGucting
the payments of money Or property as
aforesaid Provided, That 10 bona fde
indorsee of negotiable PAGER purchased
before due shall be affect d by any usury
exacted by any former holder of such
paper, unless he shall have actual notice
OF the usnry previous to his purchase. but
the amount of such excess Incorporated
into negotiable paper my, in such Gases,
after payment, be recovered back by ac-
tion against the party originally OK lcting
the usury, in any court of competent ju-
risd 'c:ion Provided, further, that such
action shall be brought within ninety
days from the maturity of such paper.
Sec. 4. All judgments Of courts OF rec
ords and justices Of the peace shall bear
interest fssm the day on which they are
rendered, at the rate OF six per cent. per
annum, except as herein otherwise provi-
ded
SEC. 5. When rate of interest is spec
lied in any contract, that rate shall con.
Time until full payment is made; and
any Judgment rendered on any such con-
tract 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 andum; and any bond, note, bill
or other contract for the payment of
money. which in effect provides that any
interest. or any higher rate of interest
shall accrue as penalty for any default,
shall he void as to any such provisions
SEC g. Chapter 90 Of the laws of 1871
and Chapter 1874 of the laws OF 1872 are
hereby repealed.
Sec 7. This act shall be IN force from
and after it's publication.