Cases Decided in the Supreme Court of Appeals of Virginia Volume 26
This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1828 edition. Excerpt: ...of it by Whltworfli Wilson '5 Orr were both void for usury; and the ques-A;m, _ tions which arise are, whether the note itself was, in the words of the statute, "made for the payment of money lent-, on which a higher rate of interest was reserved than is allowed by the statute," or in other words, was it usurious in its inception, or to use the phrase of Lord KENYON, in its concoction? And whether, if, not void for usury in its inception, the contract by which it was transferred to Johnson, was usurious and void; and if so, whether the drawers of the note (the defendants) can avail themselves of the fact, that the transfer was void, as against the plaintiff, a subsequent bona fide holder of the note? Before proceeding to examine the elfect of the facts found in this particular case, it will be useful to advert to some of the general principles settled in relation to questions of usury.-, The statutes of usury are said by several of the English Judges to be penal statutes, and consequently, to be construed strictly. This declaration is remarkable, inasmuch as the statute, 13 Elizxch. S, sec. 7, directs, that the statute 37 Hen. 8, ch. 9, enacted against usury, should be construed largely and strongly against the party offending by way of device directly or indirectly. Howevergthis may be in England, our statute having no such provision as that of Elizabeth, is certainly penal; and the general rule is, that penal statutes are to be construed strictly. This rule is, however, liable to exceptions in cases of statutes intended to prevent a general mischief, or to promote the public good; as the statute of frauds, which is highly penal in England, Twyne's Case, Co. Repi; and when it applies, it means nothing more than...
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- 13 Sep 2013
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