Musgrove v. Gibbs

This was ail action qui tam, ¿be., on the act of assembly against usury; and, in the course of the trial, the Court resolved the following points :

I. Richardson, through the mediation of Shoemaker, borrowed $800 of the defendant, and gave his note for $840, payable in one month. There was no talk about premium, at the time of the loan ; but it was understood by the witnesses, that the borrower was to pay at the rate of five per cent, per month for the money. At the end of the month, Richardson paid 168i. on account of his note, and gave a new note, drawn in favor of, and indorsed by,…