CHAPTER XXXV.

 

OF THE INTEREST OF MONEY.

 

§1481. Interest at the rate of nine per cent. per annum, and no more, shall be allowed on every judgment, recovered before any court in this Kingdom, in any civil suit.

 

§1480. When there is no express contract in writing, fixing a different rate of interest, interest shall be allowed at the rate of nine per cent per annum, for all moneys after they become due on any bond, bill, promissory note, or other instrument of writing, for money lent, for money due on the settlement of accounts, from the day on which the balance is ascertained, and for money re­ceived to the use of another, from the date of a demand made.

 

§1482. It shall in no case be deemed unlawful to stipulate by written contract, for any rate of interest, not exceeding two and one-half per cent. per month, provided the contract to that effect be signed by the party to be charged therewith.

 

§1483. No action shall be maintainable in any court of this Kingdom, to recover a higher rate of interest than two and one half per cent per month, upon any contract made in this Kingdom: provided, however, that this section shall not be held to apply to contracts for money lent upon bottomry bonds, or upon other maritime risks.

 

§1484. No action shall be maintainable, in any court of this Kingdom, to recover compound interest upon any contract what­ever.

 

 

Return to Civil Code Table of Contents