Vermont Loan & Trust Co. v. Hoffman

Citations

• 5 Idaho 376
• 49 P. 314
• 37 L.R.A. 509
• 1897 Ida. LEXIS 30

Syllabus

<p>Act in Violation of Statute — Not Void' when fob Protection of Public Revenue. — To the general rule that an act in violation of a statute forbidding it is void, there is an exception when the statute is for the protection of the public revenue, does not make-file act itself void, and the act is not malum in se nor detrimental to good morals.</p> <p>Business of Loaning Monet — Must Pat a License Tax. — The statutes of Idaho require all persons engaged in the business of loaning money at interest, to pay a license tax and obtain a license before commencing such business, makes it a misdemeanor to fail; to obtain such license, and provides that suit may be instituted to recover the license tax with stated damages. Plaintiff engaged in such business without obtaining the required license, loaned money at interest to H. et ux., and took notes secured by mortgage. Held, that plaintiff could recover-, the act of loaning money being neither malum in se nor malum prohibitum.</p> <p>Contracts — Usury—Compound Interest. — Coupon notes given for tire interest of the principal debt which, by their terms, draw interest after maturity are in eontrovention of section 1266 of the Revised Statutes, forbidding compound interest, and are usurious, and in such ease no recovery can be had for any interest or cost.</p> <p>(Syllabus by the court.)</p>