Caraballo v. Registrar of Property of Guayama

In August 1930, one Carrillo and his wife executed a mortgage as security for a loan with interest at 12 percent. The loan and mortgage matured August 1, 1933. An act to amend section 1 of “An Act to fix a legal rate of interest-on all obligations,” approved March 1, 1902, as amended by an act of March 12, 1903, and for other purposes, be#ame effective August 17, 1933. First Special Session Laws of that year, p. 26. A proviso attached to section 1, as amended, says “. . . That no rate of interest shall be fixed by special agreement in excess of nine (9) dollars a year on each one hundred…