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Sec[Section] 1 Be it enacted by the people of the State of Illinois represented in the General Assembly, That whenever any action shall hereafter be brought upon any contract for the payment
of money or any other thing, and it shall appear to the Court before which such action
shall be tried by the pleadings and evidence in the case, that a greater amount of
Interest has been directly or indirectly reserved, discounted[,] or taken than is allowed by the act to which this is an amendment such Court in the
redition of Judgment in such case and upon the application of the defendant shall
exclude in the computation of Interest thereon all which has been reserved, discounted,
or taken over the rate of twelve per cent per annum, And shall proceed to render Judgment for the amount of the principal due upon such
contract together with Interest upon the amount of such contract from the time the
same became due at the rate of Twelve per cent per annum
Sec 2. In any action hereafter brought upon any contract hereafter to be made for the
payment of money in which the parties thereto expressly agree upon an
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an amount of Interest not exceeding twelve percent per annum the Court before which such action may be brought shall proceed to Judgment in conformity
with the tenor of such contract. And it shall be a part of the Judgment so rendered
that the Judgment shall bear interest at the rate agreed upon between the parties,
from the time of the rendition thereof until paid And execution thereupon shall be issued accordingly. The third, fourth, fifth[,] and sixth sections of the act to which this is an amendment are hereby repealed.
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A Bill For an act to repeal part of an act regulating the interest of Money
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[01]/[13]/[1840]
[01]/[13]/[1840]
Laid on the table until 1st Monday of Decr[December] next
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[12]/[21]/[1839]
[12]/[21]/[1839]
read 1 & ord[ordered] 2
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3
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58
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[12]/[26]/[1839]
[12]/[26]/[1839]
Engrossed
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[passed?]
1Archer G. Herndon introduced SB 27 in the Senate on December 21, 1839. On December 23, the Senate referred the bill to the Committee
on the Judiciary. The Committee on the Judiciary reported back the bill on December
26 with an amendment, in which the Senate concurred. The Senate passed the bill as
amended on January 2, 1840. On January 13, the House of Representatives tabled the bill until the first Monday in December.
Journal of the House of Representatives, of the Eleventh General Assembly of the State
of Illinois, at Their Called Session, Begun and Held at Springfield, December 9, 1839 (Springfield, IL: William Walters, 1839), 119, 146, 164; Journal of the Senate of the Eleventh General Assembly of the State of Illinois, at
Their Called Session, Begun and Held at Springfield, December 9, 1839 (Springfield, IL: William Walters, 1839), 43, 50, 57, 77, 114.
Handwritten Document, 4 page(s), Folder 224, SB 27, GA Session 11-S, Illinois State Archives (Springfield, IL) ,