Sanford v. Kunz

Citations

• 9 Idaho 29
• 71 P. 612
• 1903 Ida. LEXIS 6

Syllabus

<p>Usurious Contracts — Purgation of — Offense—Usury—Penalty:— Usurious contract, where no usury has been paid, may be purged by giving a hew contract with the element of usury excluded. Parties to a usurious contract may cancel and destroy it by mutual consent, and purge the consideration of usury, and make it the basis of a new contract, and thereby bind the borrower to pay the money actually received, and a legal rate of interest thereon. The offense of usury in this state consists in taking an unlawful or illegal rate of interest. Usury is the illegal interest itself. The penalty for usury is the fine or forfeiture imposed for the offense.</p> <p>(Syllabus by the court.)</p>