Funk v. Buck

Citations

• 91 Ill. 575

Syllabus

<p>1. Liquidated damages—waiver by delay to sue. Where the payee in a promissory note bearing ten per cent interest from date till due, and fifteen per cent thereafter if not paid at maturity, on being pressed not to sue shortly after the note became due, promised that he would not sue as long as he could help it, but gave no definite time, this was held no waiver of his right to exact the fifteen per cent interest as damages for non-payment at maturity.</p> <p>2. Usury—greater rate after maturity than is allowed. Where a promissory note provides for the payment of fifteen per cent per annum interest after maturity if the note is not promptly paid when due, a simple delay in bringing suit, at the request of the principal maker, as a personal favor, there being no valid extension of the time of payment, will not indicate that the delay was a mere device to secure an unlawful rate of interest.</p>