Henry v. Thompson
Supreme Court of Alabama
The construction of the Act of February, 1818, as to contracts for interest. 1. In a bond or note to pay a certain sum at a future day ¡with interest from the date, at 6 per cent, a month; if not punctually paid, the contract for interest from the date is a penalty.
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The construction of the Act of February, 1818, as to contracts for interest. 1. In a bond or note to pay a certain sum at a future day ¡with interest from the date, at 6 per cent, a month; if not punctually paid, the contract for interest from the date is a penalty. Only interest from maturity at 8 per cent, per annum is recoverable.—By five Judges, the other Judge dissenting. 2. To carry interest at a rate exceeding 8 per cent, per annum, the ccfl. tract, must be in writing, signed by the party tobe charged, and express that it is for the loan of money, &c. and such interest is recoverable…
1Opinion of the Court
The Judges delivered their opinions.
The Chief Justice.
The amount in controversy, the variety of principles involved, and the extraordinary efforts of the Counsel, combine to give to these cases a degree of importance not as heretofore attached to any cause in this Court; but with the state of public excitement or of public opinion as to the result, we have here nothing to do — as little have we to do with the hardships of these contracts, or the merits or demerits of the parties. We owe it to our consciences, to a liberal profession, and to an intelligent and virtuous community, to decide…
2Cases cited2 opinions
- Bunn v. RikerNew York Supreme Court · 1809
- Thomas v. WhiteMassachusetts Supreme Judicial Court · 1815
3Cited by1 opinion
- McLane v. AbramsNevada Supreme Court · 1866