Goodrich v. Rogers

Citations

• 101 Ill. 523
• 1882 Ill. LEXIS 117

Syllabus

<p>1. Usury—money advanced—reserving a share of profits and sharing in losses. Where a party advances to another capital with which to engage in business in the name of the former, under an agreement that the party carrying on the business is to receive $50 per month, and each is to receive one-half of the net profits, subject to losses, the transaction is not usurious, though the lender may thereby in fact receive more than the rate of interest allowed by law to be reserved, on his advance, as he takes the hazard of a loss from the business.</p> <p>2. Where a loan is made and the lender receives a share of the profits in an adventure, which is greater than the legal rate of interest, but is responsible for losses, the transaction is not usurious, though it might be so regarded if he were not liable for losses.</p>