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English

Art. 1175. Usurious transactions shall be governed by special laws. (n) Art. 1176. The receipt of
the principal by the creditor without reservation with respect to the interest, shall give rise to the
presumption that said interest has been paid. The receipt of a later installment of a debt without
reservation as to prior installments, shall likewise raise the presumption that such installments
have been paid. (1110a) Art. 1177. The creditors, after having pursued the property in possession
of the debtor to satisfy their claims, may exercise all the rights and bring all the actions of the
latter for the same purpose, save those which are inherent in his person; they may also impugn
the acts which the debtor may have done to defraud them. (1111) Art. 1178. Subject to the laws,
all rights acquired in virtue of an obligation are transmissible, if there has been no stipulation to
the contrary. (1112)

Filipino
1. Art. 1175. Usurious mga transaksyon ay pamamahalaan ng mga batas sa espesyal na.
(N) Art. 1176. Ang pagtanggap ng punong-guro sa pamamagitan ng ang
pinagkakautangan na walang reservation na may pagsasaalang-alang sa interes, dapat
magbigay ng pagtaas sa pagpapalagay na sinabi interes ay binabayaran. Ang pagtanggap
ng ibang grupo ng paninda ng isang utang na walang reservation bilang sa naunang
installment, ay dapat din taasan ang pagpapalagay na ang mga ganitong installment na
binayaran. (1110a) Art. 1177. Ang creditors, pagkatapos ng pagkakaroon ng pursued ang
ari-arian sa pagkakaroon ng mga debtor upang masiyahan ang kanilang mga claim, magehersisyo ang lahat ng karapatan at dalhin ang lahat ng mga aksyon ng huli para sa
parehong layunin, i-save ang mga na likas na taglay ng kanyang mga tao; maaari nilang
ring impugn sa mga gawain na kung saan ang debtor ay maaaring tapos na sa defraud
mga ito. (1111) Art. 1178. Napapailalim sa batas, ang lahat ng mga karapatan nakuha sa
kabutihan ng isang obligasyon ay nakakahawa, kung nagkaroon walang stipulation na
kasalungat. (1112)

Usury is a civil or criminal violation involving charging more than the maximum interest rate allowed
by law. The rate of interest legally allowed is governed by state statutes. If a court finds that the rate
of interest on a loan is usurious, the interest due becomes void and only the principal of the loan
needs to be repaid.
To constitute usury there must be an knowing and consensual obligation of the borrower to return the
principal as well as pay an amount greater than lawful interest. The lawful rate of interest will be
governed by the country in which the contract was made. Usury is usually only considered a crime if a
person is a "loan-shark" (someone in the business of loaning money at usurious rates). Banks and
other commercial lenders generally are not subject to anti-usury laws, but are governed by the
marketplace and the competitive rates based upon the Federal Reserve's rates for bank loans.
State laws vary, and often contain exceptions for various types of transactions, so local laws should be
consulted for applicable requirements. The following is an example of a Virginia usury law:
"Contracts for more than legal rate of interest.

Except as otherwise permitted by law, no contract shall be made for the payment of interest on a loan
greater than twelve percent per year.
For statutes which permit payment of interest greater than twelve percent per year, reference is
hereby made to Article 6 ( 6.1-330.60 et seq.), Article 7 ( 6.1-330.64), Article 8 ( 6.1-330.65 et
seq.), Article 9 ( 6.1-330.69 et seq.), Article 10 ( 6.1-330.75 et seq.) and Article 11 ( 6.1-330.77
et seq.) of this chapter. Further reference is hereby made to Chapter 6 ( 6.1-244 et seq.) of this title,
relating to powers of consumer finance companies; to Chapter 18 ( 6.1-444 et seq.) of this title,
relating to payday lenders; to 38.2-1806, relating to interest chargeable by insurance agents; to
38.2-4700 through 38.2-4712, relating to interest chargeable by premium finance companies; and to
58.1-3018, relating to interest and origination fees payable under third-party taxpayer agreements.
In the case of any loan upon which a person is not permitted to plead usury, interest and other
charges may be imposed and collected as agreed by the parties.
Those provisions of this chapter providing that a loan or extension of credit may be enforced as agreed
in the contract of indebtedness, shall not be construed to preclude the charging or collecting of other
loan fees and charges permitted by law, in addition to the stated interest rate, and such other loan
fees and charges need not be included in the rate of interest stated in the contract of indebtedness. "

USURY
The civil or criminal wrong of charging interest that is beyond the legal
limit set by a State. The illegal profit which is required and received by
the lender of a sum of money from the borrower for its use. In a more
extended and improper sense, it is the receipt of any profit whatever for
the use of money: it is only in the first of these senses that usury will be
here considered.
To constitute a usurious contract the following are the requisites: 1. A loan express or implied. 2.
An agreement that the money lent shall be returned at all events. 3. Not only that the money lent
shall be returned, but that for such loan a greater interest than that fixed by law shall be paid.
There must be a loan in contemplation of the parties and if there be a
loan, however disguised, the contract will be usurious, if it be so in other
respects. Where a loan was made of depreciated bank notes to be repaid
in sound funds, to enable the borrower to pay a debt he owed dollar for
dollar, it was considered as not being usur-ious. The bona fide sale of a
note, bond or other security at a greater discount than would amount to
legal interest, is not per se, a loan, although the note may be endorsed
by the seller, and he remains responsible. But, if a note, bond; or other
security be made with a view to evade the laws of usury, and afterwards
sold for a less amount than the interest, the transaction will be
considered a loan and a sale of a man's own note, endorsed by himself,
will, be considered a loan. lt is a general rule that a contract, which, in its
inception, is unaffected by usury, can never be invalidated by any
subsequent usurious transaction. On the contrary, when the contract was

originally usurious, and there is a substitution by a new contract, the


latter will generally be considered usurious. There must be a contract for
the return of the money at all events; for if the return of the principal
with interest, or of the principal only, depend upon a contingency, there
can be no usury; but if the contingency extend only to interest, and the
principal be beyond the reach of hazard, the lender will be guilty of usury,
if he received interest beyond the amount allowed by law. As the principal
is put to hazard in insurances, annuities and bottomry, the parties may
charge and receive greater interest than is allowed by law in common
cases, and the transaction will not be usurious. To constitute usury the
borrower must not only be obliged to return the principal at all events,
but more than lawful interest: this part of the agreement must be made
with full consent and knowledge of the contracting parties. When the
contract is made in a foreign country the rate of interest allowed by the
laws of that country may be charged, and it will not be usurious, although
greater than the amount fixed by law in this.