Ashland Savings Bank v. Bailey
Supreme Court of New Hampshire
Writ of Entry, to foreclose a mortgage. The only question was the amount of the mortgage debt. The mortgage note was dated July 3, 1880, for $7,000, with interest after six months. Interest was paid on this note at the rate of seven per cent, from its daté to January 3, 1888, and from January 3, 1888, to September 3, 1888, at the rate of six per cent, per annum, and indorsed on the note simply as interest paid.
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Writ of Entry, to foreclose a mortgage. The only question was the amount of the mortgage debt. The mortgage note was dated July 3, 1880, for $7,000, with interest after six months. Interest was paid on this note at the rate of seven per cent, from its daté to January 3, 1888, and from January 3, 1888, to September 3, 1888, at the rate of six per cent, per annum, and indorsed on the note simply as interest paid. The writ was dated April 29, 1889. The amounts paid were understood by the parties to be paid and received as interest. July 26, 1882, the defendant gave the plaintiffs a note for…
1Opinion of the CourtBingham, 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, g. 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…
2Cases cited1 opinion
- Peterborough Savings Bank v. HodgdonSupreme Court of New Hampshire · 1882
3Cited by2 opinions
- Moffie v. SlawsbySupreme Court of New Hampshire · 1915
- Baker Wire Co. v. Chicago & Northwestern Railway Co.Supreme Court of Iowa · 1898