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The Pamphlet Collection of Sir Robert Stout: Volume 32

Interest

page 19

Interest.

In many of the States there are traces in their laws of the disfavour with which usury was regarded in England. The rate of interest is fixed in most of the States, and in some of them a maximum rate is stated, and any excess cannot be recovered. In Tennessee the rate is fixed at 6 per cent.; in Michigan at 7 per cent., but in either State parties may agree to any rate not exceeding 10 per cent. In California the limit is 10 per cent., but any rate may by writing be agreed on.

Under our Resident Magistrates' Court Act a magistrate has a discretion in giving time to a defendant to pay by instalment the amount of the