Byrd v. Newcomb Mill & Lumber Co.

Citations

• 118 Miss. 179
• 79 So. 100

Syllabus

<p>1. Usxjby. Advancements. Statute.</p> <p>Where a company contracted to make advances on lumber milled, compensation to be • ten per cent flat, but did not obligate defendant to repay before twelve months, such a contract was not usurious to the extent that a greater rate than twenty per cent per annum was contracted for thereby forfeiting the principal and interest under Laws 1912, chapter 229, section 1.</p> <p>2. Usury. Advancements. Expectation, of lender.</p> <p>Where the debtor was not obligated to ship and repay sooner than ‘ one year, the expectation of the company making advances that lumber on which advances were made would probably be shipped every ninety days or in less than a' year and that 10 per cent flat interest would then be paid, could not render the contract usurious as calling for more than twenty per cent per annum, thereby forfeiting principal and interest under Laws 1912, chapter 229, section 1.</p> <p>3, Statute. Construction.</p> <p>A statute providing for the severe penalty of forfeiture of the principal and all interest for its violation must be strictly construed, and can be successfully invoked only where it is clear and certain from the particular facts of each case that the usurious interest was either contracted for or received.</p>