Clark v. Hunter

Citations

• 29 S.C.L. 83

Syllabus

<p>1. A lender, to whom $2163 33, was hona fide due in February, 1840, then made ail agreement for the forbearance of $2000, the original principal, at the rate of 12 1-2 per cent, the $163 33, at that time being paid, and two notes given, the one for the $2000, bearing lawful interest, the other for the usury for a year. One year afterwards, (February, 1841,) a renewal note was taken for the principal, and a year’s interest, ($2140,) and a second note for usury. In December, 1841, the two notes for usury were paid, and in March, 1842, another renewal note was taken for $2140, and a year’s interest thereon, making $2289 80, bearing interest from the 1st of February, 1842.</p> <p>2. In án action upon this last note, the defence of usury being made out, it was held that upon the construction of the statute, (6 Stat. 409,) the usury taken must be deducted, not from the principal of the last note, hut from $2000, as the original principal, leaving the balance as the sum to be recovered without interest or costs.</p>