Ohio Supreme Court, 1874

Monnett v. Sturges

Monnett v. Sturges
Ohio Supreme Court · Decided December 15, 1874
25 Ohio St. (N.S.) 384

Monnett v. Sturges

Opinion of the Court

By the Court.

"We agree with the court below. The-limitation in the statute is upon the rate of interest, and not upon the periods of its payment. An agreement to pay ten per cent, per annum, semi-annually, is not an agreement to-pay more than at the rate of ten per cent, per annum. This is well-settled law in Ohio. It is equally well settled that a contract to pay a specified rate of interest, is a contract to-pay interest at that rate until the principal debt is paid, and not merely for the time the note is to run.

Motion overruled.

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