allowed where no other rate • Thorn. Digest, 234, edition 1847. ^Prince's Digest Laws of Georgia, p. 294, et. seq. edit., 1837; HntchJeiss, 442. By the first section of the Act of 1759, here alluded to, it was declared, that any person taking more than eight per cent., should forfeit trehle the amount of the principaU ^ Cobb's Digest, p. 393, edition 1851.
is agreed on; but parties may stipulate and agree upon a rate as high as ten per cent, upon all con- tracts, written or verbal ; and in township loans of school funds, twelve per cent, may be taken. An agreement is not rendered void by the reservation of usurious interest, but when that fact appears in any action, the creditor can only have judgment for the amount of the principal sum due ; but no corpo- ration can interpose the defence of usury in any action.-' In Indiana, under the Statute of 1831, any rate of interest might be taken that was stipulated for in writing; but the Statute of 1838, which was substan- tially embodied in the Revised Statutes in 1843, and is now in force, fixed the rate of interest at six per cent., except when the parties agree upon a higher rate, which must, however, in no case exceed ten per cent.^ In Iowa, six per cent, is the rate of interest estab- lished by law; but the parties to contracts may stipulate therein for a rate as high as ten per cent., with forfeiture of ten per cent, on the amount of the contract, to the State School Fund, in case of taking more.^ In Kentucky, the first act against usury was passed in 1798. It was repealed in 1819, by the Act now in force, which fixed the rate of interest at '\E. S. llUnois (edit. 1858), p. 600.
2 R. S. Indiana, 1843, p. 576. See Amendment Sess. Laws-of 1845, p. 12.
" Aci of January, 1853, Rev. Slat, of Iowa, p. 316 (1860).
LOUISIANA. — MAINE. 75 six per cent. By the Act of 1798, reserving more than legal rate of interest are declared utterly void.V But under the present statute the lender may recover the principal and lawful interest.