Usury Laws Repeal Act,1855

Act No : 28

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Section : Rate of interest on future adjustments of acconts.

6. Rate of interest on future adjustments of acconts.--In any case in which an adjustment of accounts may become necessary between the lender and the borrower of money upon any mortgage, conditional sale of landed property, or other contract whatsoever, which may be entered into after the passing of this Act, interest shall be calculated at the rate stipulated therein; or, if no rate of interest shall have been stipulated and interest be payable under the terms of the contract, at such rate as the Court shall deem reasonable.

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