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  "name": "Carney v. Matthewson",
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    "parties": [
      "Carney v. Matthewson."
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    "opinions": [
      {
        "text": "Hire, C. J.\nThe sole question involved in this appeal is whether the contract evidenced by the following note was usurious :\n.\u201c$300.00 YeeevielE, Ark., Nov. 23, 1903.\n\u201cTwelve months after date I promise to pay to the order of Angel Matthewson three hundred dollars, for value received, negotiable and payable without defalcation or discount and with interest at the rate of 10 per cent, per annum; and if interest be not paid annually, to become as principal, and bear, the same rate of interest. Interest' and principal payable at Bank of Yellville. Secured by deed of trust, which is a second lien on 166x210 of ground in Sec. 9, Tp. 18 N., R. 17 W.\n\u201cB. J. Carney.\u201d\nThis note was payable twelve months after date, and the interest upon the interest only became due, according to contract, in the event payment was not made pursuant to the promise.\n\u201cStipulations to the effect that if the debt be not paid at maturity it shall draw interest thereafter at a rate greater than the statutory limit are now generally regarded as penalties to induce prompt payment, and as the debtor has it in his power to avoid paying the penalty by discharging the debt when due, such agreements are held to be free from usury.\u201d 29 Am. & Eng. Enc. of Law, 507 ; Webb on Usury, \u00a7 119.\n\u201cThe true test is: Has the debtor the absolute right to discharge and satisfy the contract at maturity by paying the principal debt and lawful interest? If he has, the contract is not vitiated by providing for the payment of an additional sum.\u201d 29 Am. & Eng. Enc. of Law, 506.\nThis is in conformity with the principle announced in Chaffee v. Landers, 46 Ark. 364.\nMoreover, this is not such a compounding as would render the note usurious. This subject is fully discussed in Grider v. Driver, 46 Ark. 50, and First National Bank v. Waddell, 74 Ark. 241.\nJudgment affirmed.",
        "type": "majority",
        "author": "Hire, C. J."
      }
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    "attorneys": [
      "Sam. Williams, for appellant.",
      "Woods Brothers, for appellees."
    ],
    "corrections": "",
    "head_matter": "Carney v. Matthewson.\nOpinion delivered April 13, 1908.\n1. Usury \u2014 rUNAM'Y.\u2014A stipulation in a note to the effect that if it is not paid at maturity it shall thereafter draw interest at a rate greater than the statutory limit is regarded as a penalty; and as the debtor has it in his power to avoid paying the penalty by discharging the debt when due, such stipulation is held to be free from usury.\n2. Same \u2014 compounding interest. \u2014 Taking a note which bears ten pe\u00edcent. interest per annum and provides that if interest be not paid annually it shall become principal and bear the same rate of interest is not such a compounding of interest as would render the note usurious.\nAppeal from Marion Chancery Court; T. Haden Humphreys, Chancellor;\naffirmed.\nMatthewson recovered judgment against Carney on a note, and the latter has appealed. The facts appear in the opinion.\nSam. Williams, for appellant.\nThe contract is usurious and void. Art. 19, \u00a7 13, Const.; Kirby\u2019s Digest, \u00a7 \u00a7 5389, 5390-1; 34 Barb. (N. Y.), 157; 31 N. Y. 473; 44 Pa. St. 32; 26 Pa. St. 271; 26 Ga. 403; 29 S. W. 623.\nWoods Brothers, for appellees.\nThe contract .is not usurious. 54 Ala. 646; 38 Ala. 114; 54 Cal. 562; 91 Me. 340; 23 Pick. 167; 137 111. 443; 79 Ga. 213; 97 Ga. 329-; 3 N. H. 40; 4 Yeates (Pa.), 220; 2 Heisk. (Tenn.), 46; 19 S. W. (Tex.), 443; 28 Fed. 265; 12 Pac. (Cal.), 255; 33 S. C. 142."
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  "file_name": "0025-01",
  "first_page_order": 47,
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