Page:United States Statutes at Large Volume 47 Part 1.djvu/1268

 1244 Loan of money. Definition. Repayment m cur• SEC. 816 . LOAN TO BE REPAID IN CURRENT MONEY :A bor rower of rent money. money, unless there is an express contract to the contrary, must pay the amount due in such money as is current at the time when the loan becomes due, whether such money is worth more or less than the actual money lent. Presumption of in- SEC. 817 . LOAN PRESUMED ro BE ON INTEREST.-Whenever a loan terest. of money is made, it is presumed to be made upon interest, unless it is otherwise expre ssly stipulated at t he time in writing. Csoss R s> rcm Tender of performance stops interest, see section 472. SEC. 818. INTEREST, 1VIIAT.-Interest is the compensation allowed by law or fixed by the parties for the use, or forebearance, or deter. . tion of money.

t=> Post, p.3231. 2081, p.1331. Ante, p.117 7 Post, pp. 1281), 1262 . Post, p.1278 . Annual rate . Caoss Rirm NCRS Interest as damages, see section 1600 et seq . Rate of interest after breach of contract, sac section 16412 . SEC. 820. DECAL INTEREST.-No rate of interest shall be allowed in e xcess of6 per c entum per a nnum upon any contract for the use or detention of money, unless the same is in writing and the interest agreed upon must not exceed 12 per centum per annum . (E. O. Nov. 11, 1913, ƒ 1.) SEC. 821 . UsuRio s CONTRACTS ; PRINCIPAL ONLY, RECOVERABLE.-All contracts, whatsoever which may in any way, directly or indirectly, violate section 820 by stipulating for a greater rate of interest than 12 per centum per annum, shall be void and of no effect for the amount or value of the interest only ; but the principal sum of money or value of the contract may be received and recovered. (E. O. Nov. 11, 1913, ƒ 2.) Recover of USnlien5 SEC. 822 . REcovERY OF USURIOUS INTERFST PAID .-When the interest interest . received or collected for the us or detention of money exceeds the rate of 12 per centum per annum, it shall be deemed to be usurious, and the person or per sons paying the same, or their legal rep resenta- tives, may recover from the person, farm, or corporation receiving such interest, the amount of the interest so received or collected, in Post, p.1331 . Poet, p.1331 . Legal interest. Executive Order No . 1880. Usurious contr acts, recovery on . Executive Order No 1888 . 72d C ONGRESS . SESS. II. CH. 128 . FE BRUARY 27, 1933. LO AN OF MONE Y SEC . 815. LOAN OF MONEY, DEFINED .-A loan of money is a contract by which one delivers a sum of money to another, and the latter agrees to return at a future time a sum equivalent to that which he borrowed . A loan for mere use is governed by the subchapter on loan for use. Cs oss Rxn xst ves Interest, see sections 817 et seq. CCsoss R> css Interest as damages, see sections 1600 et seq. Inte rest in ac tions ex delieto, see secti on 16 01. Legacies, interests on, see section 394. Liability of tiuustee for inter, see sections 1005 and 1419. Special partner may receive interest, see section 1136. SEC. 819. ANxuAa. RATE,-When a rate of interest is prescribed dry law or contract, without specifying the period of time by which such rate is to be calculated, it is to be deemed an annual rate.