ART. 49] INTEREST AND USURY. 1259

ARTICLE XLIX.

INTEREST AND USURY.

1. Legal rate of interest. 2. When plea of usury not available. 3. What is usury? 4. Penalty. 5. What plea of usury shall state.

6. Usury no cause of action after settle- ment. 7. Legal rate of interest upon money loaned on chattel mortgages ; fees for valuation of property, etc. Penalty for violation.

1904, art. 49, sec. 1. 1888, art. 49. sec. 1. 1860, art. 95, sec. 1. 1826, ch. 99.

1832, ch. 152.

1. Interest may be charged or deducted at the rate of six per
centum per annum and the same may be calculated according to the
standard laid down in Rowlett's tables

The statutes against usury can not be evaded by any shift or device.
No matter what form the transaction takes, if usury lurks therein, the
courts will condemn it. A renewal of an usurious transaction between the
same parties, partakes of the same Infirmity; contra, if the contract is a new
one. Montague v. Sewell, 57 Md. 414; Andrews v. Poe, 30 Md. 487; Brown
v. Waters. 2 Md. Ch. 208; Tyson v. Rlckard, 3 H. & J. 113; Thomas v.
Catheral. 5 G. & J. 23; Stockett v. Ellicott, 3 G. & J. 123.

Although the borrower is entitled to recover back the usurious surpus,
such right of action is not created by the code. The code fixes the rate
of Interest only. Williar v. Baltimore, etc., Loan Assn. 45 Md. 559.

It is not usurious to receive interest in advance upon notes discounted.
Duncan v. Maryland Savings Institution, 10 G. & J. 311.

Usury depends upon intention, and if unintentionally Roulett's tables
are departed from, usury could not be deduced. Duvall v. Farmers' Bank,
7 G. & J. 60; Duncan v. Maryland Savings Institution, 10 G. & J. 311:
Tyson v. Rickard, 3 H. & J. 109.

Cited but not construed in Hammond v. Hammond, 2 Bl. 308, note (M).

Ibid. sec. 2. 1888, art. 49, sec. 2. 1860. art 95, sec. 2. 1824, ch. 200.

2. No plea of usury shall be available against any legal or equitable
assignee or holder of any bond, bill obligatory, bill of exchange, prom-
issory note or other negotiable instrument, where such assignee or
endorsee or holder shall have received the same for a bona fide and
legal consideration, without notice of any usury in the creation or sub-
sequent assignment thereof.

This section applied. Suspicions circumstances held insufficient to bring
notice of the usury home to the assignee. Gantt v. Grlndall, 49 Md. 313.

This section held not to apply because the defendant was not the holder
of any such instrument as is mentioned in this section. Montague v. Sewell,
57 Md. 416.

Ibid. sec. 3. 1888, art. 49, sec. 3. 1860, art. 95, sec. 8. 1704, ch. 69, sec. 1.

3. If any person shall exact, directly or indirectly, for loan of any
money, goods or chattels to be paid in money above the value of six