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1 Blackf. 366

Fugate v. Ferguson

Indiana Supreme Court

Decided May 18, 1825

Indiana Supreme Court · decided 1825-05-18

— Debt by Ferguson, assjgnee 0f Munden, the obligee, against Fugate, the obligor, on a writing obligatory for 255 dollars and 20 cents, dated the 9th of June, 1820, and payable the last of Avgust following. Two pleas: the first in bar, except as to 142 dollars and 80 cents; the second in bar, except as to 178 dollars.

Cited by 1 later decisions — most recently February 1885

1 state decisions

Good law ✅— No negative treatment on recordhow we know

Decided 1825-05-18

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Scott, J.

¶1The first plea claims a greater deduction from the amount really due, than is authorized by the statute. The second claims a credit on the obligation, only for the usurious interest charged, and the payment actually made. This plea is good in substance and sufficiently formal, the demurrer to it ought therefore to have been overruled (1).

Rariden, for the plaintiff.Smith, for the defendant.Per Curiam.

¶2The judgment is reversed, and the proceed-ings subsequent to the plea are set aside, with costs. Cause remanded, &c.

¶3 The rate of interest here is 6 per cent, per arm. If more be taken it is usury. Stat. 1823, p. 227. If a contract be usurious, the principal debt may be'recovered, but no interest. Crawford, v. Harvey, Nov. term, 1825, post.— Harvey v. Crawford, May term, 1827, post. The English statute of 12 Anne provides, that all bonds, contracts, and assurances whatsoever, whereupon and whereby shall be reserved or taken above the rate of 5 per cent, shall.be utterly void. 3 Stark. Ev. 1522. The English law of usury is fully explained in a note to Jones v. Davison, 1 Holt, 256.

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