Fugate v. Ferguson

May 18, 1825
Reporters:
,
Before:
Scott
Scott, J.

The first plea claims a greater deduction from the amount really due, than is authorized by ‍‌​‌​‌‌‌​‌​‌​‌‌‌‌‌​​‌‌‌​‌‌​​​‌‌​‌‌​‌‌‌​‌​‌​‌‌‌​‌​​​‌​‌​​​​​‌‌‌‌‌‌‌‌​​​​​‌‌​‌‌‌‌‌​​‌​​‌‌​​‌‌‌​‌‌‌​‍the statute. The second claims a credit on the obligation, only for the usurious interest charged, and the payment actually made. This plea is good in substance and sufficiently formal, the demurrer to it ‍‌​‌​‌‌‌​‌​‌​‌‌‌‌‌​​‌‌‌​‌‌​​​‌‌​‌‌​‌‌‌​‌​‌​‌‌‌​‌​​​‌​‌​​​​​‌‌‌‌‌‌‌‌​​​​​‌‌​‌‌‌‌‌​​‌​​‌‌​​‌‌‌​‌‌‌​‍ought therefore to have been overruled (1).

Rariden, for the plaintiff. Smith, for the defendant. Per Curiam.

The judgment is reversed, and the proceed-ings subsequent to the plea are set aside, with costs. Cause remanded, &c.

Notes

The rate of interest here is ‍‌​‌​‌‌‌​‌​‌​‌‌‌‌‌​​‌‌‌​‌‌​​​‌‌​‌‌​‌‌‌​‌​‌​‌‌‌​‌​​​‌​‌​​​​​‌‌‌‌‌‌‌‌​​​​​‌‌​‌‌‌‌‌​​‌​​‌‌​​‌‌‌​‌‌‌​‍6 per cent, per arm. If more be taken it is usury. Stat. 1823, p. 227. If a contract be usurious, the principal debt may be‘recovered, but no interest. Crawford, v. Harvey, Nov. term, 1825, post.— Harvey v. Crawford, May term, 1827, ‍‌​‌​‌‌‌​‌​‌​‌‌‌‌‌​​‌‌‌​‌‌​​​‌‌​‌‌​‌‌‌​‌​‌​‌‌‌​‌​​​‌​‌​​​​​‌‌‌‌‌‌‌‌​​​​​‌‌​‌‌‌‌‌​​‌​​‌‌​​‌‌‌​‌‌‌​‍post. The English statute of 12 Anne provides, that all bonds, contracts, and assurances whatsoever, whereupon and whereby shall be reserved or taken above the rate of 5 per cent, shall.be utterly void. 3 Stark. Ev. ‍‌​‌​‌‌‌​‌​‌​‌‌‌‌‌​​‌‌‌​‌‌​​​‌‌​‌‌​‌‌‌​‌​‌​‌‌‌​‌​​​‌​‌​​​​​‌‌‌‌‌‌‌‌​​​​​‌‌​‌‌‌‌‌​​‌​​‌‌​​‌‌‌​‌‌‌​‍1522. The English law of usury is fully explained in a note to Jones v. Davison, 1 Holt, 256.