Court Opinion

ID: 9827742
Source: CourtListenerOpinion
Date Created: 2023-09-01 17:48:57.275965+00
Date Added: 2024-06-11T07:42:35.597257
License: Public Domain

Opinion On Motion for Rehearing.
Appellant Rutland Savings Bank insists that we were in error in not allowing it interest at 6 per cent, per annum on the unpaid principal of its indebtedness from the due date thereof. We are of the opinion that appellant is correct. The principal note was dated May 2, 1921, and matured April 1, 1931. The contract provided for a usurious rate of interest from date to maturity. We have held that this agreement for interest was void under the. provisions of Revised Statutes, Art. 5071. Hence there was no valid contract for interest. Revised Statutes, Art. 5070, provides : “When no specified rate of interest is agreed upon by the parties, interest at the rate of six per cent per annum shall be allowed on all written contracts ascertaining the sum payable, from and after the time when the sum is due and payable.” By virtue of the provisions of this statute, appellant was entitled to interest at 6 per cent, per annum on the unpaid balance of its indebtedness from and after April 1, 1931, the due date thereof. The judgment heretofore entered will be reformed, so as to allow the Rutland Savings Bank judgment for the unpaid principal of its-indebtedness amounting to the sum of $981.97, with accrued interest in the sum. of $266.53, plus attorney’s fees in the sum. of $124.85, making a total of $1,373.35,, with interest thereon at 6. per cent, per annum from this date, together with foreclosure of its .lien and costs.
Appellant’s motion for rehearing in all-other respects is overruled.