Chadwick v. Menard Bros.

Citations

• 104 La. 38

Syllabus

<p>Syllabus.</p> <p>By Statute enacted in 1856, relative to rate oí interest, only the “owner” or “discounter” was authorized to capitalize interest at more than 8 per cent. This statute was interpreted to refer only to the discount of notes, bonds, and other similar paper.</p> <p>By Act of 1860, also relative to the rate of interest, the “owner” is permitted to exact a larger rate of interest than 8 per cent, when the interest is capitalized; and, in construing the statute, the rate was not limited to the “discounter.” The statute includes “owner” as well as “discounter.” Bank vs. Regan, 40th A. 17.</p> <p>The prescription of twelve months, when pleaded, is a bar to an action for the repetition of usurious interest.</p> <p>On Reheabing.</p> <p>Delay of payment of a loan, obtained for a price in excess of conventional rate of interest, is held to be without legal consideration, it not being a part of a written agreement covering principal and interest capitalized.</p>