=====================================================================+
INTEREST LAWS |
----------------+----------------------------------------------------+
LEGAL RATE | PER CENT ALLOWED BY CONTRACT |
PER CENT | AND PENALTY FOR USURY |
----------------+----------------------------------------------------+
Alabama 8| 8; Forfeit interest |
Arizona 6| 12; No provision |
Arkansas 6| 10; Forfeit principal and interest |
California 7|Any; No provision |
Colorado 8|Any; No provision |
Connecticut 6| 15; Fine or imprisonment, or both |
Delaware 6| 6; Principal and interest forfeited |
Dist. of Col. 6| 6; Forfeit interest |
Florida 8| 10; Forfeit interest |
Georgia 7| 8; Forfeit excess of interest |
Idaho 7| 12; Forfeit interest and 10% of principal |
Illinois 5| 7; Forfeit interest |
Indiana 6| 8; Excess interest forfeited |
Iowa 6| 8; Forfeit interest and 8% of principal |
Kansas 6| 10; Forfeit of double amount of usurious interest |
Kentucky 6| 6; Forfeit of interest |
Louisiana 5| 8; Forfeit interest |
Maine 6|Any; No provision |
Maryland 6| 6; Forfeit interest |
Massachusetts 6|Any; No provision |
Michigan 5| 7; Forfeit interest |
Minnesota 6| 10; Forfeit interest |
Mississippi 6| 10; Forfeit interest |
Missouri 6| 8; Forfeiture or misdemeanor |
Montana 8|Any; No provision |
Nebraska 7| 10; Forfeit interest |
Nevada 7|Any; No provision |
New Hampshire 6| 6; Forfeit three times excess |
New Jersey 6| 6; Forfeit interest and costs |
New Mexico 6| 12; Forfeit of twice the amount of interest |
New York 6| 6; Forfeit of principal and interest; misdemeanor |
North Carolina 6| 6; Forfeit interest |
North Dakota 7| 12; Forfeit interest |
Ohio 6| 8; Forfeit interest over 6% |
Oklahoma 6| 10; Forfeit interest |
Oregon 6| 10; Forfeit principal and interest |
Pennsylvania 6| 6; Forfeit excess of interest |
Rhode Island 6|Any; No provision |
South Carolina 7| 8; Forfeit interest |
South Dakota 7| 12; Misdemeanor |
Tennessee 6| 6; Forfeit of excess interest |
Texas 6| 10; Forfeit interest |
Utah 8| 12; Forfeit excess interest |
Vermont 6| 6; Forfeit of excess interest |
Virginia 6| 6; Forfeit interest |
Washington 6| 12; Forfeit of double accrued interest and costs |
West Virginia 6| 6; Forfeit excess interest |
Wisconsin 6| 10; Forfeit treble amount of usurious interest paid|
Wyoming 8| 12; Forfeit interest |
----------------+----------------------------------------------------+
=========================================+=====================
STATUTES OF LIMITATION | EXEMPTION LAWS
--------------+---------+-------+--------+---------+-----------
|JUDGMENTS| NOTES | OPEN |PERSONAL |HOMESTEAD,
| | |ACCOUNTS|PROPERTY,| EXEMPT
| | | | EXEMPT |
--------------+---------+-------+--------+---------+-----------
Alabama | 20 yrs. | 6 yrs.| 3 yrs. | $1,000 | $2,000
Arizona | 4 yrs. | 4 yrs.| 3 yrs. | 500 | 2,500
Arkansas | 10 yrs. | 5 yrs.| 3 yrs. | 500 | 2,500
California | 5 yrs. | 4 yrs.| 4 yrs. | ... | 5,000
Colorado | 6 yrs. | 6 yrs.| 6 yrs. | ... | 2,000
Connecticut | 7 yrs. | 6 yrs.| 6 yrs. | ... | 1,000
Delaware | 10 yrs. | 6 yrs.| 3 yrs. | 200 | ...
Dist. of Col. | 12 yrs. | 3 yrs.| 3 yrs. | 300 | ...
Florida | 20 yrs. | 5 yrs.| 3 yrs. | 1,000 |160 acres
Georgia | 7 yrs. | 6 yrs.| 4 yrs. | 300 | 1,600
Idaho | 6 yrs. | 5 yrs.| 4 yrs. | ... | 5,000
Illinois | 20 yrs. |10 yrs.| 5 yrs. | 400 | 1,000
Indiana | 20 yrs. |10 yrs.| 6 yrs. | 600 | or 600
Iowa | 20 yrs. |10 yrs.| 5 yrs. | 200 |or 40 acres
Kansas | 5 yrs. | 5 yrs.| 3 yrs. | ... | 160 acres
Kentucky | 15 yrs. |15 yrs.| 5 yrs. | 250 | 1,000
Louisiana | 10 yrs. | 5 yrs.| 3 yrs. | ... |Total 2,000
Maine | 20 yrs. |20 yrs.| 6 yrs. | ... | 500
Maryland | 12 yrs. | 3 yrs.| 3 yrs. | 100 | ...
Massachusetts | 20 yrs. | 6 yrs.| 6 yrs. | ... | 800
Michigan | 6 and 10| 6 yrs.| 6 yrs. | 500 | 1,500
Minnesota | 10 yrs. | 6 yrs.| 6 yrs. | 500 | 80 acres
Mississippi | 7 yrs. | 6 yrs.| 3 yrs. | ... | 2,000
Missouri | 10 yrs. |10 yrs.| 5 yrs. | 300 |1,500(min.)
Montana | 10 yrs. | 8 yrs.| 5 yrs. | ... | 2,500
Nebraska | 5 yrs. | 5 yrs.| 4 yrs. | 500 |or 2,000
Nevada | 6 yrs. | 6 yrs.| 4 yrs. | ... | 5,000
New Hampshire | 20 yrs. | 6 yrs.| 6 yrs. | ... | 500
New Jersey | 20 yrs. | 6 yrs.| 6 yrs. | 200 | 1,000
New Mexico | 7 yrs. | 6 yrs.| 4 yrs. | 500 | 1,000
New York | 20 yrs. | 6 yrs.| 6 yrs. | 250 | 1,000
North Carolina| 10 yrs. | 3 yrs.| 3 yrs. | 500 | 1,000
North Dakota | 10 yrs. | 6 yrs.| 6 yrs. | 1,000 | 5,000
Ohio | 5 yrs. |15 yrs.| 6 yrs. | 100 | 1,000
Oklahoma | 5 yrs. | 5 yrs.| 3 yrs. | ... | 5,000
Oregon | 10 yrs. | 6 yrs.| 6 yrs. | ... | 1,500
Pennsylvania | 20 yrs. | 6 yrs.| 6 yrs. | 300 | ...
Rhode Island | 20 yrs. | 6 yrs.| 6 yrs. | 800 | ...
South Carolina| 20 yrs. | 6 yrs.| 6 yrs. | 500 | 1,000
South Dakota | 20 yrs. | 6 yrs.| 6 yrs. | 750 | 5,000
Tennessee | 10 yrs. | 6 yrs.| 6 yrs. | ... | 1,000
Texas | 10 yrs. | 4 yrs.| 2 yrs. | 500 | 5,000
Utah | 8 yrs. | 6 yrs.| 4 yrs. | ... | 2,000
Vermont | 8 yrs. | 6 yrs.| 6 yrs. | 200 | 500
Virginia | 20 yrs. | 5 yrs.| 2 yrs. | ... | 2,000
Washington | 6 yrs. | 6 yrs.| 3 yrs. | 1,000 | 2,000
West Virginia | 10 yrs. |10 yrs.| 5 yrs. | 200 | 1,000
Wisconsin | 20 yrs. | 6 yrs.| 6 yrs. | 200 | 5,000
Wyoming | 5 yrs. | 5 yrs.| 8 yrs. | 500 | 1,500
--------------+---------+-------+--------+---------+-----------
NOTE.--In many of the States it is impossible to place a fixed amount on
personal property exempt. In the table above these states have no amount
given in the personal property column. Days of grace have been abolished
in all states except the following: Arkansas, Mississippi, South
Carolina and Texas.
If the drawee accepts the draft, he writes across the face of it
“_Accepted_” with the date and his signature. This is called an
_Acceptance_.
Once accepted, the draft becomes a note, with the same laws regulating
it. If the draft is not accepted, it is not binding and we say that it
has been “_dishonored_.”
A bill of exchange is entitled to days of grace, if it is payable in a
State where grace is allowed, unless a particular day is named in the
draft. In most States, no grace is allowed on sight drafts.