95 Kan. 219 | Kan. | 1915
The opinion of the court was delivered by
The interest recoverable upon a series of notes is the only question involved on this appeal. The action was brought by F. K. Robbins agáinst W. H. and Mary E. Maddy to recover on the notes and to foreclose a mortgáge which was given to secure their payment. Each note Was given for the sum of $8 and the terms of all were alike except as to the time of maturity. The following is a copy of one of the notes:
“$8. “Wellington, Kansas Mar. 31, 1893.
“For Value Received December 1, 1895, after date I promise to pay to the order of F. K. Robbins & Co. Eight Dollars, at the Farmers Bank, Wellington, Kansas.
*220 “If not paid when due, this note to draw interest at the rate of ten per cent per annum from its date until paid.
“We, the sureties, guarantors and endorsers herein, agree to extensions of this note without notice, hereby ratifying such extensions and binding ourselves for payment hereof, as if no extensions of time for, or forbearance of payment had been granted or made.”
In the mortgage which was made when the notes were executed they were described as follows:
“Each note for $8.00 of even date herewith, the first one falling due May 1, 1893, and falling one due each month thereafter with 10% interest per annum from maturity, and if not paid when due to draw 10% per annum from date.”
The plaintiff asked for interest on the notes after maturity at ten per cent per annum, but made no claim for any interest on the notes from date until maturity. The defendant conceded that the notes bore interest from maturity, but only at six per cent per annum, instead of the stipulated rate. The trial court sustained the plaintiff’s contention and ruled that the notes bore interest from maturity at ten per cent interest per annum, and accordingly gave judgment for $638.63 and provided that the judgment should bear interest at the rate of ten per cent per annum.
The defendant insists that the judgment should not have been rendered for more than $406.07, and that the judgment should only bear interest at six per cent per annum. The governing statute provides that:
“When a rate of interest is specified in any contract, that rate shall continue until full payment is made, and any judgment rendered on any such contract shall bear the same rate of interest mentioned in the contract, which rate shall be specified in the judgment; but in no case shall such rate exceed ten per cent per annum, and any bond, note, bill, or other contract for the payment of money, which in effect provides that any interest or any higher rate of interest shall accrue as a penalty for any default, shall be void as to any such provision.” (Gen. Stat. 1909, § 4348.)
The judgment is affirmed.