Utley v. Cavender

Citations

• 31 S.C. 282
• 9 S.E. 957
• 1889 S.C. LEXIS 32

Syllabus

<p>1. A bond was given in May, 1881, payable in May, 1886, with interest from date, payable semi-annually. The interest not having been all paid, the debtor, in November, 1886, paid to the creditor §134.95, as interest at 10 per cent, on the deferred payments of interest. Held, that there being no written agreement for the payment of 10 per cent, interest, the payment was usurious under the act of 1882 (L8 Stat., 35), •which makes 7 per cent, lawful interest, but permits not exceeding 10 per cent, by written agreement.</p> <p>2. In January, 1887, the obligor, in consideration of further indulgence, agreed in writing to pay 10 per cent, interest from May, 1886, when the debe had matured. Held, that this agreement being in writing, it was not usurious, oven though it provided for this higher rate of interest from a past date.</p> <p>3. For the payment of'the usurious interest in November, 1886, the defendant was entitled to recover, by way of counter-claim, double the amount paid by him in excess of the legal interest.</p> <p>4. An act provided that section 1288 of the General Statutes should be amended by the insertion of certain words, so that said section, as amended, should read as follows — giving, in quotation marks, the original section, with the inserted words. Then followed a second section of the act, containing matter germane to that which had preceded. Held, that this second section was sufficiently embraced in the title, which was, “An act to amend section 1288 of the General Statutes, regulating the rate of interest upon any contract arising in this State for the hiring, lending, or use of money or other commodity.”</p>