CodalSearch this book — or all of Codal…⌘K
nydus/The History of UsuryPublic

This volume provides a historical overview of usury from the Mosaic period through the Roman era and into the nineteenth century. It examines the policy of usury laws, their impact on commerce, and the conflict of legal principles across different states and countries.

Page 55 of 152
Table of Contents

Chaptee II.

may think proper.

Under the Statute of Queen Anne, bills or notes founded upon an usurious consideration were void, even in the hands of bona fide holders for value.^ The Statute of George III.,^ reciting the hardship and injustice of this law, enacted " that no bill of exchange, or promissory note shall, though it may have been given for an usurious consideration, or upon an usurious contract, be void in the hands of an endorser for valuable consideration, unless such endorser had, at the time of discounting or paying such consideration for the same, actual notice that such bill or note had been originally tainted with usury." Though this act was intended to repeal so much of the Statute of Queen Anne as rendered bills and notes founded upon an usurious consideration, void in the hands of bona fide holders ; yet, not having in fact repealed any of the provisions of that statute, it was held not to extend to parties who had taken the bill or note in payment of an antecedent debt, but was confined to the party who had dis- » 3 Geo. I., c. 8, A. D. 1716. ^ Lowe V. Walker, Doug., 736; 2 B. & Aid, 590; 8 Price, 28.

55