Ficklin v. Zwart
Ficklin v. Zwart
Opinion of the Court
Judgment was rendered in favor of tbe State of Iowa, for tbe use of tbe School Fund, against defendants, for tbe sum of $42.10, being a forfeiture of ten per cent'per annum, upon tbe amount of a contract between plaintiffs-. and defendants, which the court ascertained to be usurious.’’ It is claimed by defendants that tbe judgment in favor of tbe State was for a sum greater than authorized by law.
Tbe sum of money borrowed by tbe defendants from plaintiffs was $230.30, and for tbe term of sixty days, and tbe judgment in favor of tbe State was for ten per cent upon that amount from tbe date of tbe contract until the date of tbe judgment — nearly two years. It is provided by section 5, chapter 37 of tbe Acts of 1853, “ that if it is ascertained, in any suit upon a contract, that a rate of interest has been contracted for, greater than is authorized by law,” “ tbe same shall work a forfeiture of ten per cent per annum upon tbe amount of such contract.” Tbe construction tbe appellants claim should be given to this law is as follows: “ That as tbe law says tbe amount of forfeiture shall be ten per cent per annum upon tbe contract sued on,
Judgment affirmed.
Case-law data current through December 31, 2025. Source: CourtListener bulk data.