Money; Interest; Bills of Exchange and Promissory Notes:
Agency.
ARTICLE I. Money; Interest.
ARTICLE II. Bills and Notes.
ARTICLE III. Agency.
Section 2230. All accounts in the public offices of this dimes, cents State, the verdicts of juries on all contracts, and all accourt: of public officers, shall be expressed in dollars or units dimes or tenths, cents or hundredths, and mills or thesandths; a dime being the tenth part of a dollar, a cer: the hundredth part of a dollar, and a mill the thousand part of a dollar.
Sec. 2231. In all money decrees and judgments of Courts Judgment to enrolled or entered, in all cases of accounts stated; and in all cases wherein any sum or sums of money shall be ascer tained, and, being due, shall draw interest according to law, the legal interest shall be at the rate of seven per centur per annum.
Seven per cent. in the absence of special agreement.-Reid v. Stevens, 38 S. C., 19: 17 S. E., 358.
Agreement for higher rate must be in writing.-Bank v. Miller, 39 8. C. 175; 17 S. E., 592; Bank v. Parrott, 30 8. C., 175; 8 S. E., 199.
As to decrees and judgments.-Lumpkin v. Nance, 2 Brev., 99; Norwood 7. Manning, 2 N. & McC., 395; Rochelle v. Campbell, 1 McC. Ch., 53: Winslow v. Ancrum, 1 McC. Ch., 100: Thomas v. Wilson, 3 McC., 166; Williamson Broughton, 4 McC., 212; Harrington v. Glenn, 1 Hill, 79; Kirk v. Rich
rg, 2 Hill, 352; Crouther v. Sawyer, 2 Speer, 573; Daub v. Martin, 2
, 193; Pinckney v. Singleton, 2 Hill, 343. Decreed on sum assessed for
ality of partition.-Craig v. Graig, Bail. Eq., 102. Purchaser at judicial
may be required to pay 8 per cent. on deferred payments.-Association v.
vell, 55 S. C., 316; 33 S. E., 355. Attorneys' fees after being placed in
gment bear interest.-Ib. Costs and disbursements bear interest after
ig placed in judgment.-Johnson v. Masters, 49 S. C., 525; 27 S. E., 474;
lison v. Sujette, 60 S. C., 58; 38 S. E., 229.
is to accounts stated.-Dickenson v. Legare, 1 Dess., 537; Knight v.
chell, 3 Brev., 506; Farrand v. Bouchell, Harp., 83; Chisholm v. Neyle,
rp., 274; Furman v. Peay, 2 Bail., 394; Smetz v. Kennedy, Riley, 218;
ward v. Searson, 1 Speer, 249; Trenholm v. Bampfield, 3 Rich., 376;
arch v. Washington, 3 Rich., 380; Johnson v. Bennett, 1 Speers, 209.
Not recoverable on open or book accounts, without special agreement, or
any unliquidated demand previous to finding of jury.-Skirving v. Stobo,
ay, 233; Edwards v. Dargan, 30 S. C., 177; 8 S. E., 858; Holmes v. Miss-
n, 1 Treadw. Const., 21; Schemerhorn v. Perman, 2 Bailey, 173; Ordinary
Bonnell, 2 Hill, 468; Bishop v. Ross, 21.
As to sums ascertained and due.-Grimke v. Grimke, 1 Dess., 366; Bowles
Drayton, 1 Dess., 489; Holmes v. Bigelow, 3 Dess., 497; Harrison v. Long,
Jess., 110; Bulow v. Goddard, 1 N. & McC., 45; Barelli v. Brown, 1 McC.,
Elliott v. Minott, 2 McC., 125; Ryan v. Baldrick, 3 McC., 498: Conyers
Magrath, 4 McC., 392; Black v. Goodman, 1 Bail., 201; Siter v. Robinson,
ail., 274; Wardlaw v. Gray, Dud. Eq., 85; Marvin v. McRae, Cheves, 61;
rum v. Sloane, 2 Speer, 594; Smith v. Godbold, 4 Strob. Eq., 186;
nedy v. Barnwell, 7 Rich., 124; Kimbrell v. Glover, 13 Rich., 191; Arnold
House, 12 S. C., 608; Childs v. Frazee, 15 S. C., 612; Witte Bros. v.
rk, 17 S. C., 328; Sullivan v. Susong, 30 S. C., 306; 9 S. E., 156; Gar-
gton v. Copeland, 32 S. C., 57; 10 S. E., 616; Railway Co. v. Greenville,
S. C., 499; 27 S. E., 652; Greer v. Latimer, 47 S. C., 185; 25 S. E., 136.
Money paid.-Thompson v. Stevens, 2 N. & McC, 493.
Bonds.-Surety Company, Murray v. Aiken M'f'g. Co., 39 S. C., 457; 18
E., 5; Replevin, Hart v. Tobias, 2 Bay, 408.
Annuities.-Stevenson v. Axson, 1 Bailey Ch., 274; Irby v. McCrae, 4 DeS.,
From maturity of debt.-Kinard v. Glenn, 29 S. C., 590; 8 S. E., 203.
Rate recoverable against surety.-Sloan v. Gibbes, 35 S. E., 408; 56 S. C.,
Balances on accounts of Trustees, etc.-Tucker v. Richards, 58 S. C., 22;
S. E., 3; Gee v. Humphries, 49 S. C., 253; 27 S. E., 101; Cunningham v.
then, 44 S. C., 95; 21 S. E., 800; Nicholson v. Whitlock, 57 S. C., 36; 35
E., 412: Black v. Blakely, 2 McC. Ch., 1; Wright v. Wright, Ib., 185;
Caw v. Blewit, Ib., 90; Myers v. Myers, Ib., 214; Rowland v. Best, Ib.,
; Edwards v. Crenshaw, Harp. Eq., 24; Howard v. Schmidt, Rich. Eq.
ses, 452; Dixon v. Hunter, 3 Hill, 204; Patters v. Clawson, 4 Rich. Eq..
Baker v. Lafitte, 4 Rich. Eq., 392; Crosby v. Crosby, 1 S. C., 337; Lv-
ston v. Wells, 8 S. C., 347; Johnson v. Henegan, 11 S. C., 93: Koon v.
nroe, 11 S. C., 140; Davis v. Wright, 2 Hill, 560; Dixon v. Distributees, 3-
II, 204.
The following five paragraphs from the monograph on annual interest, by
Hon. Silas Johnstone, late of Newberry, at page 165 of Appendix to his
uity Digest, is a concise summary of the law in relation to the subject:
1. The rate of interest prescribed by law attaches to a debt after it becomes
e, unless by the terms of the contract, expressed or necessarily implied,
rate fixed on its face is to continue after the maturity of the contract.—
nderson v. Laurens, 2 DeS. Eq., 170; Gaillard v. Ball, 1 Nott & McC., 67;
ngston v. R. R. Co., 2 S. C., 248; Bell v. Bell, 25 S. C., 149; Briggs v.
nsmith, 10 S. C., 133; Maner v. Wilson, 16 S. C., 470; Carolina Savings
nk v. Parrott, 30 S. C., 66; 8 S. E., 199; Smith v. Smith, 33 S. C., 210;
S. E., 761; Sharpe v. Lee, 14 S. C., 341; Kennedy v. Boykin, 35 S. C., 61;
14 S. E., 809; Bank v. Miller, 39 S. C., 175; 17 S. E., 592; Thatcher ↑ Massey, 20 S. C., 542.
A higher rate after maturity was held contracted for in Mobley Devaga, 16 S. C., 75; Watkins v. Lang, 17 S. C., 18; Bowen v. Barksdale S. C., 142; 11 S. E., 640; Miller v. Hall, 18 S. C., 141. Where a higher legal rate is to be paid after maturity, but no time is stipulated within whi: such rate is to be paid, it continues until payment in full.-Ellis v. Sanden 32 S. C., 584; 10 S. E., 824.
2. Where a party contracts to pay a sum of money, with interest there at a given day, when the day arrives the interest becomes principal, and i the debt be not paid, the aggregate of principal and interest then be interest, for the future.-Doig v. Barkley, 3 Rich. L., 125; DeBruhl v. Neuter 3 Strob. L., 426; Singleton v. Allen, 2 Strob. Eq., 166; Carolina Sevin Bank v. Parrott, 30 S. C., 66; 8 S. E., 199; Bowen v. Barksdale, 33 & c 142; 11 S. E., 640.
3. On a bond due at twelve months, or at a shorter time than twe months, with annual interest from its date, the interest accrues annually, s well after as before the debt falls due.-Singleton v. Lewis, 2 Hill, 46 O'Neall v. Bookman, 9 Rich. L., 80; Sharp v. Lee, 14 S. C., 341; Westfield Westfield, 19 S. C., 85.
Same principle applied where monthly interest was reserved in Piester Piester, 22 S. C., 139.
4. The contract being for the payment of a sum of money, at a longer time than twelve months, with annual interest from its date, annual interest to be computed up to the day the debt falls due, and simple interest after wards, until the debt is paid off.-Gibbes v. Chisholm, 2 N. & McC., S O'Neall v. Sims, 1 Strob. L., 115; DeBruhl v. Neuffer, 1 Strob. L., 426; West field v. Westfield, 19 S. C., 85; Wilson v. Kelly, Ib., 161; Ehrhardt v. Vam 51 S. C., 550; 29 S. E., 225.
Same principle where monthly interest was reserved was applied in Smith v. Smith, 33 S. C., 210; 11 S. E., 761.
5. If the contract be, by express stipulation or by reasonable implication. to pay interest annually beyond the time fixed for the payment of the princ pal, if forbearance should extend beyond that time, annual interest is rece erable after the maturity of the obligation as well as before.-O'Neall▾ Bookman, 9 Rich. L., 80; Wright v. Eaves, 10 Rich. Eq., 582.
Action for usury against National Banking Association must be brought within two years under U. S. Revised Statutes, Section 5198.-Garfunkle Bank of Charleston, N. B. A., 79 S. C., 404; 60 S. E., 942.
Interest allowed only from date of judgment confirming report of refere and not from date of report showing amount then ascertained to be dueBrown v. Rogers, 76 S. C., 180; 56 S. E., 680.
Interest on value of property considered as an element of damagesWalker v. Southern Railway Co., 76 S. C., 308; 56 S. E., 952.
Mortgage may be referred to to ascertain interest on bond.—Es perte Powell, 74 S. C., 193; 54 S. E., 236.
Contracts se- Sec. 2232. All contracts secured by mortgage of real mortgage, to estate situate within this State shall be subject to and conbe governed by law of this strued by the laws of this State regulating the rate of intering interest. est allowed, and in all other respects, without regard to the place named for the performance of the same.
This Act of 1898 held not retroactive in Loan and Investment Co. Logan, 55 S. C., 295; 33 S. E., 372; Association v. Powell, 55 S. C., 316; 33 S. E., 355; Tobin v. McNab, 53 S. E., 76; 30 S. E., 827.
In contracts made prior to above act, where a contract was made in ne State to be performed in another, the parties could, in good faith, stipulate for the rate of interest allowed in either State.-Mortgage Co. v. Bates, 58 S. C., 551; 36 S. E., 917; Ass'n. v. Vance, 49 S. C., 402; 27 S. E., 274; Ass'n.
Hoffman, 50 S. C., 303; 27 S. E., 692; Turner v. Ass'n., 51 S. C., 33; 27 E., 947; Carpenter v. Lewis, 60 S. C., 23; 38 S. E., 244; Equitable B. & Ass'n. v. Corley, 72 S. C., 404; 52 S. E., 48. Contract construed according law of State where it was to be performed.-Meares v. Finlayson, 55 C., 105; 32 S. E., 986; Tobin v. McNab, 53 S. C., 73; 30 S. E., 827; Cariter v. Lewis, 60 S. C., 23; 38 S. E., 244. See also Quince v. Carpenter, DeS., 160. As to remedy and relief to be afforded, if the contract is arious, the lex fori prevails.-Meares v. Finlayson, 55 S. C., 118; 32 E., 896; Carpenter v. Lewis, 60 S. C., 23; 38 S. E., 249.
Sec. 2233. No greater interest than seven (7) per cent. Interest reg-
er annum shall be charged, taken, agreed upon or allowed
pon any contract arising in this State for the hiring, lend- 1662.
g or use of money or other commodity, either by way of
raight interest, discount or otherwise, except upon written
ontracts, wherein, by express agreement, a rate of interest
ot exceeding eight per cent. may be charged.
Plyler v. McGee, 76 S. C., 451; 57 S. E., 180; Ehrhardt v. Varn, 51
C., 550; 29 S. E., 225.
Sec. 2234. Any person or corporation who shall receive, Usury.
contract to receive, as interest any greater amount than
provided for in the preceding Section shall forfeit all
terest, and the costs of the action and such portion
f the original debt as shall be due shall be recovered
ithout interest or costs, and where any amount so charged
contracted for has been actually received by such person
r corporation, he or she, or they shall also forfeit double
he total amount received in respect of interest, to be col-
cted by a separate action or allowed as a counter claim in
ny action brought to recover the principal sum.
Party receiving usury, honestly believing in his right to do so, is
ible to the penalty.-Plyler v. McGee, 76 S. C., 451; 57 S. E., 180.
>mpound interest; usury.-Earle v. Owings, 72 S. C., 366; 51 S. E., 980.
eceipt through mistake of fact.-Rushton v. Woodham, 68 S. C., 110; 46
E., 943. "Contracting to receive."-Strait v. British and American Mort-
ge Co., 77 S. C., 367; 57 S. E., 1100.
Sec. 2235. The borrower, and his heirs, devisees, legatees
Penalty for than legal in
receiving more
r personal representative, or any creditor or any person Civ. '02, aving a legal or equitable interest in the estate or assets 1664. f such borrower, may plead the benefit of the provisions of he preceding Section as plaintiff or defendant and the me shall be effectual at any suit at law, or in equity, and ny person offending against the same shall be comelled to answer, on oath, any complaint that may be exhibed against him for the discovery of any sum of money or hings in action, so charged, agreed upon, reserved or taken,
in violation of the foregoing provisions, or either of them The provisions of this and the last two preceding Section shall not apply to contracts made prior to the second d of March, 1898.
Usurious Contracts.-Excessive rate of interest for deferred payments co contract for sale of land.-People's Bank v. Jackson, 43 S. C., 86; 20 8. L. 786; 27 L. R. A., 569, and note: On sale of personal property.-Thompst
v. Nesbit, 2 Rich., 73; Building & Loan Association contract in Sumter As
v. Winn, 45 S. C., 381; 23 S. E., 31; Ass'n. v. Dorsey, 15 S. C., 467: Colm
bia Ass'n. v. Bollinger, 12 Rich. Eq., 124. An agreement to pay t
assessed on loan in addition to principal and legal interest.-Mortimer 1
Pritchard, Bail. Eq., 505. Where agent of lender with knowledge of his
principal, exacts from borrower a commission for his services, which with
the interest charged, exceeds the highest legal rate, the loan is rendered
usurious.-Brown v. Brown, 38 S. C., 173; 17 S. E., 452; Mortgage Com
pany v. Gillam, 49 S. C., 359; 26 S. E., 990; New England Co. v. Baxley, 4
S. C., 81; 21 S. E., 444. A contract for illegal interest after maturity-
Savings Bank v. Strother, 28 S. C., 504; 6 S. E., 313. Changing an indet:
from its real to nominal value.-Atkinson v. Executors of Scott, 1 Bay
307. Forbearance of pre-existing debt at excessive interest.--Harp v. Chané
ler, 1 Strob., 466. As to compound interest.-O'Neal v. Sims, 1 Strob., 116
A note given to secure indulgence on judgment for sum exceeding legal inter
est thereon.-Caughman v. Drafts, 1 Rich. Eq., 415; Cleveland v. Der
Harp., 407. A sale of stock to person in necessitous circumstances at a pries
much above par, in order to enable purchaser to raise money thereon.—¤
2 DeS., 334. Sale of note of third party for such purpose.-Brown v. Fan
set, Harper, 81. A bond or note made without consideration for purpose of
raising money and discounted at usurious rate. Stock v. Parker, 2 M |
376; Cantey v. Blair, 1 Rich., 41. Renewal note at usurious rate.-Langlesi
v. Woodruff, 1 Rich., 1; Edwards v. Skirving, 1 Brev., 548; Motte v. Dori-
McC., 350; Quarles v. Brannon, 5 Strob., 151; Clark v. Hunter, 2 Spears, &
Not Usurious.-A decree directing credit portion of purchase money at
judicial sale to bear interest at 8 per cent.-Ass'n. v. Powell, 55 8. C., 316
33 S. E., 355. A contract providing that the total amount received by the
lender should not exceed the amount loaned and 8 per cent. interest —
Thompson v. Gillison, 28 S. C., 542; 6 S. E., 333; Ass'n. v. Powell, 35 8. €
316; 33 S. E., 355; Turner v. Ass'n., 47 S. C., 406; 25 S. E., 278; Buist v
Bryan, 44 S. C., 121; 21 S. E., 537. A contract for the highest legal ra
of interest to be paid in advance.-Bank v. Parrott, 30 S. C., 61; 8 S. F
199, or bear interest at same rate if not paid.--Newton v. Woodley, 55 S. C
132; 32 S. E., 535. Discounting at 30 days per month, or 360 days per
year. Merchants, etc., Bank v. Sarratt, 77 S. C., 141; 57 S. E., 621. Sal
of note given for valuable consideration in open market bona fide.-Flemming
v. Milligan, 2 McC., 173; King v. Johnson, 3 McC., 365; Harrick v. Jones, 4
McC., 402. A verbal agreement for higher rate than 7 per cent.—Utley T.
Cavender, 31 S. C., 282; 9 S. E., 957. Commission contract with factor-
Witte v. Weinberg, 37 S. C., 579; 17 S. E., 681; Norwood & Co. v. Faulkner.
22 S. C., 370. An agreement to buy land for cash, and to reconvey for larger
sum on long time.-Wheeler v. Marchbanks, 32 S. C., 594; 10 S. E., 1011
Building and Loan Contract where payments on stock are distinct from
interest on loan.-Ass'n. v. Vance, 49 S. C., 402; 27 S. E., 274. Interest from
a period anterior to date of instrument.-Levy v. Hampton, 1 McC., 145
Dickson v. Seguiner, 3 Brev., 417; 2 Treadw. Const., 501. Bond for partial
payments and interest on entire sum.-Gibbes v. Chisolm, 2 N. & M... 38
Use of mortgaged property in lieu of interest.-Wurtz v. Thynes, 2 Hill Ch.
171. Other instances.-Brook v. Thompson, 1 Bailey, 322; Miller v. Reid
345. The lender will not be relieved of the legal consequences of usury in
the ground of mistake, absence of knowledge or intent.-Gilland v. Phillips,
1 S. C., 157; Thompson v. Nesbit, 2 Rich., 73; Brummer v. Wilks, 2 McC
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