44-1204. Payments of interest on obligation
involving more than the maximum permitted by law on counterclaim
in action brought on obligation; action to recover payments of
interest in excess of principal on usurious obligation
In an action to recover on an obligation whereby there is contracted for, reserved
or taken, a greater rate of interest than the maximum permitted by law, all payments made
in money or property may be pleaded as a counterclaim or set-off. If such payments
exceed the amount of the principal, judgment may be given in favor of the defendant for
the excess, with interest at the rate of ten per cent per annum. If such payments exceed
the amount of the principal of the debt or obligation, an action may be maintained to
recover the excess.
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