Houghton v. Page
Superior Court of New Hampshire
Asy interest on money loaned, was, at common law, unlawful. But that principle of the common law is not applicable to our state of society; and, by any part of the common law in force here, no rate of interest is unlawful, unless so great as to become unconscionable.
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Asy interest on money loaned, was, at common law, unlawful. But that principle of the common law is not applicable to our state of society; and, by any part of the common law in force here, no rate of interest is unlawful, unless so great as to become unconscionable. A contract, made in Massachusetts by its Own citizens, and there to he performed, and whose whole consideration was interest over six per cent, per annum on another contract, must be governed by the lex loci contractus, and is void by the statute of that state against usury. Such contract, though void by a penal statute only,…
1Opinion of the Court
Woodbury J.
delivered the opinion of the court.
If the note, which is the subject of the present action, must be pronounced void, it arises from the circumstance, that its consideration was unlawful, either by the common law, or by such a statute as we ought to notice and enforce.
But we are not aware of any principles of the common law, adopted in any quarter of this country, which, on the facts of the case, would warrant us to pronounce the note void.
It is true, that, in conformity to the canons of the church, all interest whatever upon money loaned was long prohibited in England.(l)
To take…
2Cases cited3 opinions
- Pearsall v. DwightMassachusetts Supreme Judicial Court · 1806
- Fanning v. ConsequaCourt for the Trial of Impeachments and Correction of Errors · 1820
- Baxter v. WalesMassachusetts Supreme Judicial Court · 1815
3Cited by3 opinions
- Currier v. PerleySuperior Court of New Hampshire · 1851
- McCans v. Brandtjen & Kluge, Inc.Court of Appeals of Texas · 1944
- Stevens v. NorrisSuperior Court of New Hampshire · 1855