Davis v. Rider

Citations

• 53 Ill. 416

Syllabus

<p>1. Promissory note—construction, as to payment of damages after maturity. A promissory note was made payable “ at the banking house of Cliesnut, Blackburn & Dubois, with twenty-four per cent per annum after maturity, as compensation and damages for non-payment ”: Held, this was a promise to pay twenty-four per cent interest per annum, upon the principal sum named in the note, after its maturity, if not then paid.</p> <p>3. Usury—reserving a higher rate of interest than ten per cent, after maturity. A promissory note was given, for §146.15, payable eighty days after date, with interest at twenty-four per cent per annum, after maturity, as compensation and damages for non-payment: Held, that rate of interest was recoverable, to be computed from and after the maturity of the note, if it was not then paid. Such a note is not usurious.</p> <p>3. The fact that a note of that character matures in eighty days, will not, of itself, afford evidence that it was designed to evade the usury laws. Had it appeared, however, that it was understood by the parties that it was to run for a longer period, then it might be inferred that such was the intention. Or had there been proof that it was so drawn for the purpose of obtaining usury, that defense could clearly have been interposed.</p>