Bain & Bro. v. Savage

Citations

• 76 Va. 904
• 1882 Va. LEXIS 91

Syllabus

<p>1. Usury—Penalty.—Though the statute of usury, at the time a contract was made, declares the contract to be null and void, yet, if at the time of the decree in the cause, the statute has been amended and only avoids the contract for the interest, the decree should be for the principal loaned, with interest from the date of the decree. See Moseley v. St. Louis Mutual Ins. Co., 31 Gratt. 629.</p> <p>2. Quíere—Where in renewing usurious note, maker makes payments, as was understood, in discharge of each renewal of the note; and after-wards, makes a payment which was credited on the note without any specific application to the principal or to the interest, how shall those payments be applied? See Moseley v. Brown et als., supra, 419.</p>