OpenJurist

2 US 92 Wycoff v. Longhead

2 U.S. 92

2 Dall. 92

1 L.Ed. 303

Wycoff
v.
Longhead*

Supreme Court of Pennsylvania

September Term, 1785

1

This was an action on a promissory note; to which the defendant pleaded the act of Assembly against ufury; and thereupon the following points were ruled by the Court, in their charge to the Jury.

2

1st. That where more than legal interest was included in any note, bond, or specialty, the whole amount could not be sued for and recovered: But the plaintiff was entitled, in such case, to a verdict for the just principal and lawful interest.

3

2nd. That if a man, directly, or indirectly, actually receives more than six per cent, he incurs a forfeiture equal to the money &c. lent; but if an action is brought to recover the amount of the loan, a verdict ought not to be given for the defendant, as that would, in effect, be putting the money into his pocket, instead of working a forfeiture to the Commonwealth.

4

3rd. That a man may, bona fide, purchase any security for the payment of money, at the lowest rate he can, without incurring the penalties of ufury.

*

This cause was tried on the 26th September, 1785.