https://www.taxtmi.com/caselaws?id=197140 Mortgage consideration applied to discharge the borrower's mother's debt was treated as established because the arrangement was not effectively denied and subsequently produced accounts answered the objection. The principal liability therefore remained unchanged. Under the Usurious Loans Act, relief requires excessive interest and a substantially unfair transaction, assessed by reference to risk, security and the compounding intervals. Although compound interest is not inherently improper, ample security, lower prior lending rates and the borrower's vulnerability made six-monthly rests at a high rate unfair on a short-term secured loan. Compound interest was consequently regulated to 18 per cent per annum with annual rests. en-us Tue, 16 Oct 1934 00:00:00 +0530 Thu, 28 Dec 2017 17:31:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=197140 Mortgage consideration applied to discharge the borrower's mother's debt was treated as established because the arrangement was not effectively denied and subsequently produced accounts answered the objection. The principal liability therefore remained unchanged. Under the Usurious Loans Act, relief requires excessive interest and a substantially unfair transaction, assessed by reference to risk, security and the compounding intervals. Although compound interest is not inherently improper, ample security, lower prior lending rates and the borrower's vulnerability made six-monthly rests at a high rate unfair on a short-term secured loan. Compound interest was consequently regulated to 18 per cent per annum with annual rests. Case-Laws Companies Law Tue, 16 Oct 1934 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=197140