Seebold v. Eustermann

I find myself in difficulties trying to reconcile the conclusion arrived at by the majority with well-established principles of the law, and I am disturbed by the practical effect of that conclusion. The vice in the reasoning of the majority lies in treating the usurious contract as wholly void as to both parties, whereas our holdings and the obvious purpose of the statute is to make it void as to the usurer only and to impose the penalties upon him alone. Section 334.01 (§ 7036) prohibits the taking or receiving of usurious interest, not the paying of it. The legislature did not need to…