§24‑2. Penalty for usury; corporate bonds may be sold below par.
The taking, receiving,reserving or charging a greater rate of interest than permitted by this chapteror other applicable law, either before or after the interest may accrue, whenknowingly done, shall be a forfeiture of the entire interest which the note orother evidence of debt carries with it, or which has been agreed to be paidthereon. And in case a greater rate of interest has been paid, the person orhis legal representatives or corporation by whom it has been paid, may recoverback twice the amount of interest paid in an action in the nature of action fordebt. In any action brought in any court of competent jurisdiction to recoverupon any such note or other evidence of debt, it is lawful for the partyagainst whom the action is brought to plead as a counterclaim the penalty aboveprovided for, to wit, twice the amount of interest paid as aforesaid, and alsothe forfeiture of the entire interest. If security has been given for an usuriousloan and the debtor or other person having an interest in the security seeksrelief against the enforcement of the security or seeks any other affirmativerelief, the debtor or other person having an interest in the security shall notbe required to pay or to offer to pay the principal plus legal interest as acondition to obtaining the relief sought but shall be entitled to theadvantages provided in this section. Nothing contained in this section or inG.S. 24‑1, however, shall be held or construed to prohibit privatecorporations from paying a commission on or for the sale of their coupon bonds,nor from selling such bonds for less than the par value thereof. (1876‑7,c. 91; Code, s. 3836; 1895, c. 69; 1903, c. 154; Rev., s. 1951; C.S., s. 2306;1955, c. 1196; 1959, c. 110; 1969, c. 1303, s. 3.)
§24‑2. Penalty for usury; corporate bonds may be sold below par.
The taking, receiving,reserving or charging a greater rate of interest than permitted by this chapteror other applicable law, either before or after the interest may accrue, whenknowingly done, shall be a forfeiture of the entire interest which the note orother evidence of debt carries with it, or which has been agreed to be paidthereon. And in case a greater rate of interest has been paid, the person orhis legal representatives or corporation by whom it has been paid, may recoverback twice the amount of interest paid in an action in the nature of action fordebt. In any action brought in any court of competent jurisdiction to recoverupon any such note or other evidence of debt, it is lawful for the partyagainst whom the action is brought to plead as a counterclaim the penalty aboveprovided for, to wit, twice the amount of interest paid as aforesaid, and alsothe forfeiture of the entire interest. If security has been given for an usuriousloan and the debtor or other person having an interest in the security seeksrelief against the enforcement of the security or seeks any other affirmativerelief, the debtor or other person having an interest in the security shall notbe required to pay or to offer to pay the principal plus legal interest as acondition to obtaining the relief sought but shall be entitled to theadvantages provided in this section. Nothing contained in this section or inG.S. 24‑1, however, shall be held or construed to prohibit privatecorporations from paying a commission on or for the sale of their coupon bonds,nor from selling such bonds for less than the par value thereof. (1876‑7,c. 91; Code, s. 3836; 1895, c. 69; 1903, c. 154; Rev., s. 1951; C.S., s. 2306;1955, c. 1196; 1959, c. 110; 1969, c. 1303, s. 3.)
§24‑2. Penalty for usury; corporate bonds may be sold below par.
The taking, receiving,reserving or charging a greater rate of interest than permitted by this chapteror other applicable law, either before or after the interest may accrue, whenknowingly done, shall be a forfeiture of the entire interest which the note orother evidence of debt carries with it, or which has been agreed to be paidthereon. And in case a greater rate of interest has been paid, the person orhis legal representatives or corporation by whom it has been paid, may recoverback twice the amount of interest paid in an action in the nature of action fordebt. In any action brought in any court of competent jurisdiction to recoverupon any such note or other evidence of debt, it is lawful for the partyagainst whom the action is brought to plead as a counterclaim the penalty aboveprovided for, to wit, twice the amount of interest paid as aforesaid, and alsothe forfeiture of the entire interest. If security has been given for an usuriousloan and the debtor or other person having an interest in the security seeksrelief against the enforcement of the security or seeks any other affirmativerelief, the debtor or other person having an interest in the security shall notbe required to pay or to offer to pay the principal plus legal interest as acondition to obtaining the relief sought but shall be entitled to theadvantages provided in this section. Nothing contained in this section or inG.S. 24‑1, however, shall be held or construed to prohibit privatecorporations from paying a commission on or for the sale of their coupon bonds,nor from selling such bonds for less than the par value thereof. (1876‑7,c. 91; Code, s. 3836; 1895, c. 69; 1903, c. 154; Rev., s. 1951; C.S., s. 2306;1955, c. 1196; 1959, c. 110; 1969, c. 1303, s. 3.)
