https://www.taxtmi.com/caselaws?id=197142 Under the Usurious Loans Act, excessiveness of mortgage interest is judged case by case by reference to the statutory factors, including the creditor's risk, the security available, the debtor's condition, prior dealings and the terms of compounding. The Act sets no absolute ceiling rate. Applying those factors, 15% compound interest with quarterly rests was treated as excessive because the security did not eliminate risk and the compounding terms made the burden materially heavier. Where excessive interest is found, the court may substitute a reasonable rate; here the relief was a reduced compound rate with yearly rests and a lower rate from the date of suit. en-us Tue, 01 Sep 1959 00:00:00 +0530 Thu, 28 Dec 2017 17:46:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=197142 Under the Usurious Loans Act, excessiveness of mortgage interest is judged case by case by reference to the statutory factors, including the creditor's risk, the security available, the debtor's condition, prior dealings and the terms of compounding. The Act sets no absolute ceiling rate. Applying those factors, 15% compound interest with quarterly rests was treated as excessive because the security did not eliminate risk and the compounding terms made the burden materially heavier. Where excessive interest is found, the court may substitute a reasonable rate; here the relief was a reduced compound rate with yearly rests and a lower rate from the date of suit. Case-Laws Indian Laws Tue, 01 Sep 1959 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=197142