Holmes v. Dewey

The opinion of the court was delivered by

Smith, J. :

This was an action on certain promissory notes, which provide for the payment by the makers of six per cent, interest from date until due, and after that time a rate of twelve per cent, per annum. Under the interest law in force when the *442notes were executed, the maximum rate was ten per cent. We will, therefore, treat the case as if the rate contracted to be paid after maturity was ten per cent, per annum. The principal question is whether a party to a promissory note may contract for an increased rate after the maturity of the paper.

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