The Laws of Texas, 1822-1897 Volume 2 Page: 182
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8
Laws of the Republic of Texas.
AN ACT
To regulate Interest.
Sec. 1. Be it enacted by the Senate and House of Representatives
of the Republic of Texas, in Congress assembled, That the
distinction between legal and conventional interest shall be known
and recognized by the laws of this Republic.
Sec. 2. Be it further enacted, That all written contracts ascertaining
the sum due, when no specific premium of rate of interest
is expressed, interest shall be taken, recovered and allowed, at the
rate of eight per centum per annum, from and after the said sum
is due, and payable.
Sec. 3. Be it further enacted, That the parties to any written
contract, may agree to and stipulate for any premium or rate of interest,
not exceeding twelve per centum per annum on the amount
or value of the contract, and the same may be taken, "recovered"
and allowed.
Sec. 4. Be it further enacted, That all contracts or instruments
of writing whatsoever, which may, in any way, directly or indirectly,
violate the foregoing provisions of this act, by stipulating for
allowing or receiving a greater premium or rate of interest than
twelve per centum per annum, for the loan, payment or delivery of
any money; goods, wares, merchandize, bonds, notes of hand, or any
commodity, shall be void and of no effect for the whole premium
or rate of interest only, but the principal sum of money, or the
value of the goods, wares, merchandize, bonds, notes of hand or
commodity, may be received and recovered.
Sec. 5. Be it further enacted, That all judgments of the several
courts of this republic shall bear interest at the rate of eight per
cent. per annum, from and after the date of judgment, and the
same shall be recovered and allowed, provided, however, that such
judgments shall be given only upon contracts hereafter made, in
which there may be no more than eight per cent. stipulated in
writing.
Sec. 6. Be it further enacted, That all parts of laws, now in
force, contravening the provisions of this act, be and the same are
hereby repealed.
DAVID S. KAUFMAN,
Speaker of the House of Representatives.
DAVID G. BURNET,
President of the Senate.
Approved January 18th, 1840.
MIRABEAU B. LAMAR.(182)
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Gammel, Hans Peter Mareus Neilsen. The Laws of Texas, 1822-1897 Volume 2, book, 1898; Austin, Texas. (https://texashistory.unt.edu/ark:/67531/metapth6726/m1/186/: accessed April 28, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; .