Warmack v. Boyd

Citations

• 63 Miss. 488

Syllabus

<p>Usury. Non-usurious note. Affected by subsequent usurious contract.</p> <p>In 1878 T. gave B. his promissory note for a considerable sum of money. In 188Q a statute was enacted wliich. provided that “if a greater rate of interest than ten per cent, per annum shall be stipulated for in any case, all interest shall be forfeited.” On the 6th of April, 1881, T. gave B. his promissory note for an amount equal to the interest on the first note computed up to the d,ay last mentioned at twenty per cent, per annum. Meld, that the usurious contract contained in the note last given destroyed the interest-bearing quality of the first note, and it yielded no interest after the date of such contract.</p>