A. D. 1912. CHAPTER XXXVIII. Money; Interest; Bills of Exchange and Promissory Not ARTICLE I. Money; Interest. ARTICLE II. Bills and Notes. Dollars, and mills. Civ. '02, 1659. Section 2230. All accounts in the public offices of t dimes. cents State, the verdicts of juries on all contracts, and all accour of public officers, shall be expressed in dollars or un dimes or tenths, cents or hundredths, and mills or the sandths; a dime being the tenth part of a dollar, a ce the hundredth part of a dollar, and a mill the thousand part of a dollar. Decrees and draw interest. Civ. '02, Sec. 2231. In all money decrees and judgments of Cour Judgment to enrolled or entered, in all cases of accounts stated; and i all cases wherein any sum or sums of money shall be asce tained, and, being due, shall draw interest according to la the legal interest shall be at the rate of seven per centTM per annum. 1660. Seven per cent. in the absence of special agreement.-Reid v. Stevens, 3 S. C., 19; 17 S. E., 358. Agreement for higher rate must be in writing.-Bank v. Miller, 39 & C 175; 17 S. E., 592; Bank v. Parrott, 30 S. C., 175; 8 S. E., 199. As to decrees and judgments.-Lumpkin v. Nance, 2 Brev., 99; Norwood ' Manning, 2 N. & McC., 395; Rochelle v. Campbell, 1 McC. Ch., 53: Winsier 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 , 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 ity of partition.-Craig v. Graig, Bail. Eq., 102. Purchaser at judicial nay be required to pay 8 per cent. on deferred payments.-Association v. 11, 55 S. C., 316; 33 S. E., 355. Attorneys' fees after being placed in nent bear interest.—Ib. Costs and disbursements bear interest after placed in judgment.-Johnson v. Masters, 49 S. C., 525; 27 S. E., 474; on v. Sujette, 60 S. C., 58; 38 S. E., 229. " to accounts stated.-Dickenson v. Legare, 1 Dess., 537; Knight v. ell, 3 Brev., 506; Farrand v. Bouchell, Harp., 83; Chisholm v. Neyle, 274; Furman v. Peay, 2 Bail., 394; Smetz v. Kennedy, Riley, 218; ard v. Searson, 1 Speer, 249; Trenholm v. Bampfield, 3 Rich., 376; h v. Washington, 3 Rich., 380; Johnson v. Bennett, 1 Speers, 209. t recoverable on open or book accounts, without special agreement, or y unliquidated demand previous to finding of jury.-Skirving v. Stobo, 7, 233; Edwards v. Dargan, 30 S. C., 177; 8 S. E., 858; Holmes v. Miss1 Treadw. Const., 21; Schemerhorn v. Perman, 2 Bailey, 173; Ordinary nnell, 2 Hill, 468; Bishop v. Ross, 21. to sums ascertained and due.-Grimke v. Grimke, 1 Dess., 366; Bowles ayton, 1 Dess., 489; Holmes v. Bigelow, 3 Dess., 497; Harrison v. Long, is., 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 grath, 4 McC., 392; Black v. Goodman, 1 Bail., 201; Siter v. Robinson, 1., 274; Wardlaw v. Gray, Dud. Eq., 85; Marvin v. McRae, Cheves, 61; im v. Sloane, 2 Speer, 594; Smith v. Godbold, 4 Strob. Eq., 186; edy v. Barnwell, 7 Rich., 124; Kimbrell v. Glover, 13 Rich., 191; Arnold ouse, 12 S. C., 608; Childs v. Frazee, 15 S. C., 612; Witte Bros. V. 17 S. C., 328; Sullivan v. Susong, 30 S. C., 306; 9 S. E., 156: Garon v. Copeland, 32 S. C., 57; 10 S. E., 616; Railway Co. v. Greenville, C., 499; 27 S. E., 652; Greer v. Latimer, 47 S. C., 185; 25 S. E., 136. ney paid.-Thompson v. Stevens, 2 N. & McC, 493. nds.-Surety Company, Murray v. Aiken M'f'g. Co., 39 S. C., 457; 18 5; Replevin, Hart v. Tobias, 2 Bay, 408. nuities.-Stevenson v. Axson, 1 Bailey Ch., 274; Irby v. McCrae, 4 DeS., om maturity of debt.-Kinard v. Glenn, 29 S. C., 590; 8 S. E., 203. lances on accounts of Trustees, etc.-Tucker v. Richards, 58 S. C., 22; e following five paragraphs from the monograph on annual interest, by A. D. 1912. A. D. 1912. cured by be governed 14 8. 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 1 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 thr 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. Sander 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 the debt be not paid, the aggregate of principal and interest then bean interest, for the future.-Doig v. Barkley, 3 Rich. L., 125; DeBruhl v. Neußer 3 Strob. L., 426; Singleton v. Allen, 2 Strob. Eq., 166; Carolina Sevi 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 twel 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, 408 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., O'Neall v. Sims, 1 Strob. L., 115; DeBruhl v. Neuffer, 1 Strob. L., 426; Wesl 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 implicatim. 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 brough 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 referes 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 damages.— Walker v. Southern Railway Co., 76 S. C., 308; 56 S. E., 952. Mortgage may be referred to to ascertain interest on bond.-Es parte 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 conby 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 Civ. '02, place named for the performance of the same. State regulat 1661. This Act of 1898 held not retroactive in Loan and Investment Co. T In contracts made prior to above act, where a contract was made in one offman, 50 S. C., 303; 27 S. E., 692; Turner v. Ass'n., 51 S. C., 33; 27 947; Carpenter v. Lewis, 60 S. C., 23; 38 S. E., 244; Equitable B. & s'n. v. Corley, 72 S. C., 404; 52 S. E., 48. Contract construed according w of State where it was to be performed.-Meares v. Finlayson, 55 105; 32 S. E., 986; Tobin v. McNab, 53 S. C., 73; 30 S. E., 827; Carr v. Lewis, 60 S. C., 23; 38 S. E., 244. See also Quince v. Carpenter, S., 160. As to remedy and relief to be afforded, if the contract is ous, the lex fori prevails.-Meares v. Finlayson, 55 S. C., 118; 32 896; Carpenter v. Lewis, 60 S. C., 23; 38 S. E., 249. A. D. 1912. Interest regulated. Civ. '02, § c. 2233. No greater interest than seven (7) per cent. yler v. McGee, 76 S. C., 451; 57 S. E., 180; Ehrhardt v. Varn, 51 1663. ec. 2234. Any person or corporation who shall receive, Usury. contract to receive, as interest any greater amount than, Civ. '02, ›rovided for in the preceding Section shall forfeit all rest, and the costs of the action and such portion the original debt as shall be due shall be recovered hout interest or costs, and where any amount so charged contracted for has been actually received by such person corporation, he or she, or they shall also forfeit double total amount received in respect of interest, to be coled by a separate action or allowed as a counter claim in action brought to recover the principal sum. rty receiving usury, honestly believing in his right to do so, is to the penalty.-Plyler v. McGee, 76 S. C., 451; 57 S. E., 180. ound interest; usury.-Earle v. Owings, 72 S. C., 366; 51 S. E., 980. pt through mistake of fact.-Rushton v. Woodham, 68 S. C., 110; 46 943. "Contracting to receive."-Strait v. British and American MortCo., 77 S. C., 367; 57 S. E., 1100. c. 2235. The borrower, and his heirs, devisees, legatees Penalty for receiving more than legal in terest. Who may plead usury. personal representative, or any creditor or any person Civ. '02, ng a legal or equitable interest in the estate or assets 1664. ach borrower, may plead the benefit of the provisions of preceding Section as plaintiff or defendant and the e shall be effectual at any suit at law, or in equity, and person offending against the same shall be comed to answer, on oath, any complaint that may be exhibagainst him for the discovery of any sum of money or gs in action, so charged, agreed upon, reserved or taken, A. D. 1912. in violation of the foregoing provisions, or either of the The provisions of this and the last two preceding Section shall not apply to contracts made prior to the second day of March, 1898. Usurious Contracts.-Excessive rate of interest for deferred payments contract for sale of land.-People's Bank v. Jackson, 43 S. C., 86; 20 S. L 786; 27 L. R. A., 569, and note: On sale of personal property.-Thomps v. Nesbit, 2 Rich., 73; Building & Loan Association contract in Sumter Ast |