COLORADO.-Legal interest, 8 per cent., but parties may agree in writing upon any rate. CONNECTICUT.-Legal interest, six per cent., in the absence of any agreement, and no more can be recovered after maturity of obligation. Rate limited to twelve per cent. for all except incorporated banks, trust companies, licensed pawn-brokers, and real estate mortgages over $500. DELAWARE.— Legal interest, six per cent. Penalty for taking more, torfeiture of the money lent half to the prosecutor, half to the State. DISTRICT OF COLUMBIA.-Legal interest, six per cent. Ten per cent. may be paid on written agreement. Contract in writing for more than ten per cent. or verbal contract for more than six per cent. forfeits all interest. Contracts for more than Not exceeding eight per FLORIDA.- Legal interest, eight per cent. ten per cent. are void and principal only can be recovered. GEORGIA.- Legal interest, seven per cent. cent. may be recovered if agreed upon in writing. IDAHO.-Legal interest, seven per cent. for any rate not exceeding twelve per cent. per cent. per annum on principal, payable to school fund of county. Parties may agree in writing ILLINOIS.- Legal interest, five per cent. Parties may agree upon seven per cent. in writing. If more is agreed on or is taken upon any con. tract, verbal or written, only the principal can be recovered. INDIANA.— Legal interest, six per cent. Eight per cent. may be agreed upon in writing. It may be taken for the period of a year or less in advance. Excess cannot be recovered, and, if paid, shall be considered as paid on account of the principal. IOWA.- Legal interest, six per cent. Parties may agree in writing for eight per cent. If contract be for more, the creditor recovers only the prin cipal, and 8 per cent. on the amount of the contract is forfeited to the State KANSAS.-Legal interest, six per cent. writing for any rate not exceeding ten per cent. be contracted for double the excess is forfeited. Parties may stipulate in If more than ten per cent. KENTUCKY.- Legal interest, six per cent. Extra interest forfeited; if paid, may be recovered back. LOUISIANA.-Legal interest, five per cent. Eight per cent. may be stipulated in writing, and a higher rate may be collected if embodied in the obligation or as discount; but any agreement for more than eight per cent. forfeits the entire interest. MAINE.- Legal interest, six per cent. There are no usury laws. MARYLAND.— Legal interest six per cent. Excess forfeited. MASSACHUSETTS.— Legal interest six per cent. Any rate of interest or discount may be made by written agreement. Debtor may discharge loan of less than one thousand dollars by tender of principal and eighteen per cent. interest, with not exceeding five dollars for expenses. MICHIGAN.-Legal interest, five per cent. Parties may agree in Parties may agree in writing for seven per cent. If more is agreed for, all interest is forfeited. MINNESOTA.-Legal interest, six per cent. writing for ten. Excess, if paid, may be recovered. void, except as to bona fide purchasers of negotiable paper before maturity. Rate after maturity same as before; contract for more forfeits all interest. MISSISSIPPI.-Legal interest, six per cent. Parties may agree in writing for ten per cent. If more be agreed for, the whole interest will be forfeited. MISSOURI.-Legal interest, six per cent; but parties may agree in writing for any rate not to exceed 8 per cent. If more be taken or agreed for, the creditor recovers only the principal and legal interest. MONTANA.-Legal interest, eight per cent. Parties may agree in writing for twelve. If more be charged double entire interest forfeited. NEBRASKA.- Legal interest, seven per cent. Parties may agree on any rate not exceeding ten per cent. On proof of illegal interest, plaintiff recovers only principal. NEVADA.- Legal interest, seven per cent. But parties may agree in writing twelve. Excess forfeited. NEW HAMPSHIRE.- Legal interest, six per cent. A person receiv ing more forfeits threefold the excess; but contracts are not invalidated by securing or taking more, and principal and legal interest may be recovered. NEW JERSEY.- Legal interest, six per cent. On usurious contract, principal only can be recovered. NEW MEXICO.— Legal interest, six per cent., but parties may agree for twelve per cent. If more be paid, double the amount so paid may be recovered. Usury is also punishable by fine. NEW YORK.- Legal interest, six per cent. A contract for more than legal interest is wholly void. If more than legal interest is paid, it may be recovered back within a year by payer, or within the next three years by the overseers of the poor. No corporation can interpose the defense of usury; nor can a joint-stock company having the powers of a corporation. When loans on demand of five thousand dollars or more are made on security of bills of lading, negotiable instruments, etc., parties may agree in writing on any rate of compensation. Usury is a misdemeanor punishable by fine or imprisonment. NORTH CAROLINA.- Legal interest, six per cent. On usurious contracts no interest is recoverable. If usurious interest be paid, twice the amount may be recovered by debtor if suit be brought within two years. NORTH DAKOTA.-Legal interest, seven per cent. Ten per cent. may be contracted for in writing. On usurious contract only principal can be recovered. If usurious interest be paid, twice the amount may be recovered back if sued for in two years. OHIO. — Legal interest, six per cent. Any rate not exceeding eight per cent. may be agreed upon in writing. On usurious contract only principal and six per cent. interest can be recovered. OKLAHOMA.-Legal interest, seven per cent. Ten per cent. may be contracted for. Usury works forfeiture of all interest. OREGON.-Legal interest, six per cent. Parties may agree for ten per cent. Usury works a forfeiture of the principal and interest. PENNSYLVANIA.-Legal interest, six per cent. Excess forfeited. If paid, may be recovered back if sued for within six months. Commission merchants and agents may contract with parties out of the State for seven per cent. On demand, loans for $5,000 or more, secured by bills of lading, etc., any rate may be agreed upon. RHODE ISLAND.- Legal interest, six per cent. Any higher rate may be agreed upon, not exceeding thirty per cent. on loans over $50, and not exceeding five per cent. per month on loans under $50 for three months or less, except by licensed pawn brokers. SOUTH CAROLINA.-Legal interest, seven per cent. Parties may agree in writing for eight per cent. Usury works a forfeiture of entire interest. If usurious interest be paid, double the amount may be recovered. SOUTH DAKOTA.- Legal interest, seven per cent. Parties may contract for twelve per cent. Usury forfeits entire interest, and is a misdemeanor punishable by fine and imprisonment. TENNESSEE. - Legal interest, six per cent. Excess is forfeited. Loans on mortgages of land in other states may bear interest at rates permitted in such States. Usurious interest if paid may be recovered. Usury is a misdemeanor. TEXAS. Legal interest, six per cent. Parties may agree in writing for ten per cent. If more is agreed for, no interest can be recovered; if paid, double the amount can be recovered. •UTAH.- Legal interest, eight per cent. Twelve per cent may be agreed on in writing. Excess if paid may be recovered. Usurious instruments void. VERMONT.-Legal interest, six per cent. Excess forfeited, and if paid may be recovered. VIRGINIA.-Legal interest, six per cent. If more be charged, no interest can be recovered. Usurious interest paid may be recovered within one year. Any rate not exceedIf more be contracted interest contracted for WASHINGTON.- Legal interest, six per cent. ing twelve per cent may be agreed upon in writing. for, only the principal less the whole amount of unpaid and twice amount of any interest paid can be recovered. WEST VIRGINIA. -Legal interest, six per cent. Contracts for a greater amount are void as to the excess. WISCONSIN.- Legal interest, six per cent; but parties may agree in writing upon a rate not exceeding ten per cent. No interest can be collected on usurious contracts, and, if excessive interest be paid, treble the amount thereof may be recovered, if sued for within one year. WYOMING.- Legal interest, eight per cent. Any rate up to twelve per cent. may be agreed upon in writing. CHAPTER XXIV. THE LAW OF PLACE. SECTION I. WHAT IS MEANT BY THE LAW OF PLACE. If either of the parties to a contract is not at home, or if both are not at the same home, when they enter into the contract, or if it is to be executed abroad, or if it comes into litigation before a foreign tribunal, then the rights and the obligations of the parties may be affected either by the law of the place of the contract, or by the law of the domicil or home of a party, or by the law of the place where the thing is situated to which the contract refers, or by the law of the tribunal before which the case is litigated. All of these are commonly included in the Latin phrase lex loci, or, as the phrase is translated, the Law of Place. It is obvious that this law must be of great importance wherever citizens of distinct nations have much commercial intercourse with each other. In this country it has an especial and very great importance, from the circumstance that, while the citizens of the whole country have at least as much business connection with each other as those of any other nation, our country is compos rty-eight separate and independent sovereignties, which are, for most commercial purposes, regarded by the law as foreign to each other. " SECTION II. THE GENERAL PRINCIPLES OF THE LAW OF PLACE. THE general principles upon which the law of place depends are four. First, every sovereignty can bind, by its laws, all per sons and all things within the limits of the State. Second, no law has any force or authority of its own, beyond those limits. Third, by the comity or courtesy of nations,-aided in our case as to the several States, by the peculiar and close relation between the States, and for some purposes by a constitutional provision, the laws of foreign States have a qualified force and influence. The fourth rule is perhaps that of the most frequent appli cation. It is, that a contract which is not valid where it is made is valid nowhere else; and one which is valid where it is made is valid everywhere. Thus a contract made in Massachusetts, and there void because usurious, was sued in New Hampshire and held to be void there, although the law of New Hampshire would not have avoided it if it had been made there. Cut courts do not take notice of foreign revenue laws, and will enforce foreign contracts made in violation of them. If contracts are made only orally, where by law they should be in writing, they cannot be enforced elsewhere where writing is not required; but if made orally where writing is not required, they can be enforced in other countries where such contracts should be in writing. The rule, that a contract which is valid where it is made is valid everywhere, is applicable to contracts of mar riage. As contracts relate either to movables or immovables, or, to use the phraseology of our own law, to personal property or to real property, the following distinction is taken. If the contract refers to personal property (which never has a fixed place, and is therefore called, in some systems of law, movable property), the place of the contract governs by its law the construction and effect of the contract. But if the contract refers to real property, it is construed and applied by the law of the place. where that real property is situated, without reference, so far as the title is concerned, to the law of the place of the contract. Hence, the title to land can only be given or received as the law of the place where the land is situated requires and determines. And it has been said that the same rule may properly apply to all other local stock or funds, although of a personal nature, or so made by the local law, such as bank stock, insurance stock, |