2 Ill. 137 | Ill. | 1834
delivered the opinion of the Court:
Meeker sued Tindall before a justice of the peace on two promissory notes, one bearing interest at the rate of twelve per centum per annum, and the other at the rate of twenty per centum per annum. On the trial before the justice, Meeker recovered a judgment for $92,25, being the amount of the principal and interest of the notes, at the time of trial, calculating the interest at the rates specified in the notes. To reverse this judgment, an appeal was taken to the Madison Circuit Court, where at the May term, 1834 (after a delay of sixteen months from the rendition of the judgment by the justice of the peace) a trial was had, and the judgment of the justice of the peace affirmed; and the Court in addition allowed $7,75 as interest, making the judgment in the Circuit Court amount to $100.
The Court, as appears from the bill of exceptions, in calculating interest, allowed interest on the notes from their respective dates, and according to the respective rates mentioned in said notes, up to the time of rendering judgment in the Circuit Court. The interest, at the rates specified in the notes, amounted with the principal to more than @100. The excess over that sum, was remitted by the plaintiff below. An appeal has been taken from the judgment to this Court, and the appellant assigns for error, 1st, That the Circuit Court allowed interest on a judgment of a justice of the peace, at a greater rate than six per cent. 2d. That if interest at the rate agreed on in the notes, was allowable, then the amount of principal and interest was over @100, and the Court could not give judgment.
In support of the first assignment of error, the act entitled “Jin act regulating the interest of money ,”
“Provided, always, That nothing in this act contained shall be so construed as to limit the rate of interest, for the playment of which an express contract hath been made.” To arrive at a correct understanding of the question how far this statute applies to the case under consideration, it is necessary first to ascertain the duty of the Circuit Court, in the trial of appeals from the decisions of justices of the peace ? By the 34th
The judgment of the Circuit Court is affirmed with costs.
Judgment affirmed.
Note. The act of February 23,1833, and which took effect April 1,1833, limits the rate of interest which parties may agree upon to 12 per cent, per annum. R. L. 349; Gale’s Stat. 343.
R. L. 350; Gale’s Stat. 344.
R. L. 395; Gale’s Stat. 410.
Breese 52.