408.060. Defendant may plead usury--judgment, how rendered--corporations cannot enter plea of usury. - Missouri Statutes

Defendant may plead usury--judgment, how rendered--corporations cannotenter plea of usury.

408.060. Usury may be pleaded as a defense in civil actionsin the courts of this state, and upon proof that usuriousinterest has been paid, the same, in excess of the legal rate ofinterest, shall be deemed payment, shall be credited upon theprincipal debt, and all costs of the action shall be taxedagainst the party guilty of exacting usurious interest, who shallin no case recover judgment for more than the amount found dueupon the principal debt, with legal interest, after deductingtherefrom all payments of usurious interest made by the debtor,whether paid as commissions or brokerage, or as payment upon theprincipal, or as interest on said indebtedness; provided,however, that no corporation shall, after this section takeseffect, interpose the defense of usury in any such action, norshall any bond, note, debt, contract or obligation of anycorporation or any security therefor, be set aside, impaired oradjudged invalid by reason of the rate of interest which thecorporation may have paid or agreed to pay hereon.

(RSMo 1939 § 3230)

Prior revisions: 1929 § 2843; 1919 § 6495; 1909 § 7183