Act Repealed Latest version as at 17 August 1868 (as enacted) | 1868 No 3

Interest on Money Act 1868

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Contents

Preamble.

Short Title.

English Usury Laws not in force in New Zealand.

Any interest may be contracted to be paid but if no contract eight per cent may be allowed.

Mortgages &c. made before Act to be deemed valid.

Interest on Money Act 1868

Public Act		1868 No 3
Date of assent		17 August 1868

	Title
	Preamble.
1	Short Title.
2	English Usury Laws not in force in New Zealand.
3	Any interest may be contracted to be paid but if no contract eight per cent may be allowed.
4	Mortgages &c. made before Act to be deemed valid.

An Act for removing doubts respecting the application to New Zealand of the Laws and Statutes of England relating to Usury and to limit and define the Rate of Interest which may be recovered in cases where it shall not have been previously agreed on between the parties.

Preamble.

WHEREAS it is expedient to remove all doubts respecting the application to New Zealand of the Laws and Statutes of England relating to Usury as existing on the fourteenth day of January one thousand eight hundred and forty and to limit and define the rate of interest for the forbearance of money which may be recovered in any court of law or equity in cases wherein the rate of interest has not been fixed by the parties before the court

Be it therefore declared and enacted by the General Assembly of New Zealand in Parliament assembled and by the authority of the same as follows—

1 Short Title.

The Short Title of this Act shall be “The Interest on Money Act 1868.”

2 English Usury Laws not in force in New Zealand.

The Laws and Statutes of England relating to Usury as existing on or previously to the fourteenth day of January one thousand eight hundred and forty shall be deemed taken and adjudged not to extend to or to be in force in nor at any time to have extended to or been in force in New Zealand.

3 Any interest may be contracted to be paid but if no contract eight per cent may be allowed.

There shall be no limit to the amount of interest which any person may lawfully contract to pay and in all cases where interest for the loan of money or upon any other contract may be lawfully recovered or allowed in any action suit or other proceeding but where the rate of such interest has not been previously agreed upon by or between the parties it shall not be lawful for the party entitled to interest to recover or be allowed in any such action suit or other proceeding above the rate of eight pounds for the interest or forbearance of one hundred pounds for a year and so after that rate for a greater or lesser sum than one hundred pounds or for a longer or shorter time than a year.

4 Mortgages &c. made before Act to be deemed valid.

All contracts and agreements and all mortgages deeds and securities whatsoever made or entered into before the passing of this Act and which would have been legal and valid if this Act had been in force at the time of the making or entering into of the same shall be and be deemed and taken to have been legal and valid as from the time of the making or entering into the same.

Interest on Money Act 1868