The New Hampshire Reports Volume 66

The New Hampshire Reports Volume 66

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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. 1896 edition. Excerpt: ...a. deduction from the amount of the mortgage note of the excess paid beyond the legal rate of interest, on that note alone, during the period of six years preceding the commencement of the action. The defendant excepted. Burleigh ef Adams, for the plaintiffs. 'Jewell 4 Stone and J. L. Wilson, for the defendant. BINGHAM, J. The sum of three times the excess of six per cent. interest, the recovery of which was authorized by Gen. Laws, c. 232, s. 3, is a penalty, 'and more than one year having elapsed after the last payment of unlawful interest, before the commencement of this action, the right of recovery, if available as a set-off, had become barred by the statute. G. L., c. 266, . 10. The action was commenced April 29, 1889, before the enactment of c. 78, Laws of 1889, and the rights of the parties are to be ascertained under the law as it was at the time the payments of unlawful interest were made. The defendant, under the law as it then was, could elect, at any time within six years after making such a payment, to make a different application of it, and if not assented to, the law would enable him to enforce it. He could elect to sue for and recover the excess, or to file it as a set-off in an action by the plaintiffs against him. Peterborougk Savings Bank v. Hodgdon, 62 N. H. 300; G. L., c. 227, ss. 7, 8. The defendant could also revoke the application of the usurious interest paid on the $2,350 note at any time before it was barred by the statute of limitations, and, if not repaid on demand, could sue and recover for it. After the defendant elected not to have the usury applied in payment of the interest, he had the right to direct its application, and he might insist upon its being applied as part payment more

Product details

  • Paperback | 334 pages
  • 189 x 246 x 18mm | 599g
  • United States
  • English
  • black & white illustrations
  • 1236960718
  • 9781236960719