Doyle v. American Loan Co.

Hart, C. J.,

(after stating the facts). Under our Constitution and laws, all contracts for a greater rate of interest than ten per cent, per annum shall be void as to principal and interest, and the G-eneral Assembly shall prohibit the same by law. Constitution of 1874, article 19, § 13; Crawford & Moses’ Digest, § 7362.

Counsel for the plaintiff seek to uphold the judgment under the well settled principle that where the promise to pay a sum above legal interest depends upon a contingency, or where for any cause the principal sum loaned is put in hazard, the loan is not usurious. Reeve v.…