Bosler v. Rheem
Supreme Court of Pennsylvania
Error to the Court of Common Pleas of Cumberland county: Of May Term 1872, No. 87. This was an action to May Term 1872, of the court below, by James W. Bosler against Jacob Rheem.
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Error to the Court of Common Pleas of Cumberland county: Of May Term 1872, No. 87. This was an action to May Term 1872, of the court below, by James W. Bosler against Jacob Rheem. By a case stated in the case, it appeared that the cause of action was the following note: “$500.00. Carlisle, Pa., April 1st 1869. One year after date I promise to pay to the order of J. W. Bosler, the sum of five hundred dollars, with interest at the rate of eight per cent, per annum, without defalcation for value received. Jacob Rheem.” At the same time he executed the following agreement: — Whereas, J. W.…
1Opinion of the Court
The judgment of the Supreme Court was entered
2Per curiam
— We agree with the learned judge below, that ’ the agreement of even date with the note in question, the purpose of which was to waive any right to reclaim the excess of interest stipulated to be paid by the maker of the note to the payee, had not that effect. The Act 6f 1858, on this subject, was passéd to regulate the rate of interest among the people, and to change the odious system of forfeitures existing under the old law. Under the new act any lender may receive more than six per cent, interest without any penalty or forfeiture, subject only…
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