Page:Acts, Resolutions and Memorials, Adopted by the First Legislative Assembly of the Territory of Arizona.djvu/52

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Be it enacted by the Legislative Assembly of the Territory of Arizona:—

When there is no express agreement fixing a different rate of interest, interest shall be allowed at the rate of ten per cent. per annum on all moneys after they become due on any bond, bill, promissory note, or other instrument of writing, or any judgment recovered before any court in this Territory, for money lent, for money due on the settlement of accounts from the day on which the balance is ascertained, and for money received for the use of another.

Parties may agree in writing for the payment of any rate of interest whatever on money due or to become due on any contract; any judgment rendered on such contract shall conform thereto, and shall bear the interest agreed upon by the parties, and which shall be specified in the judgment.

The parties may in any contract in writing, whereby any debt is secured to be paid, agree that if the interest on such debt is not punctually paid it shall become a part of the principal, and thereafter bear the same rate of interest as the principal debt.

This act shall take effect and be in force from and after the first day of January, 1865. November 9, 1864.

Be it enacted by the Legislative Assembly of the Territory of Arizona:—

That the County Recorder shall be ex-officio clerk of the probate and county courts.

The Governor of the Territory shall appoint recorders for the different counties, who shall be ex-officio clerks of the probate and county courts, and who shall serve until their successors are duly elected and qualified as provided by law.

All acts or parts of acts conflicting with this act are hereby repealed and declared null and void.

This act shall take effect and be in force from and after its passage. November 9, 1864.