Same as Spain.

CHAPTER XVI.

Interest-Grace-Legal Holidays.

Alabama.—Legal rate of interest 8%. Usury, penalty of, forfeiture of interest. Grace allowed. Legal holidays: Sundays, January 1st, February 22d, April 26th, July 4th, Thanksgiving day, Good-Friday, Mardi Gras, and Christmas. If any of these days, except Mardi Gras, falls on Sunday, the following Monday is the legal holiday. Paper entitled to days of grace or subject to protest falling due on a holiday becomes legally due on the next succeeding business day.

usury law.

Contract rate unlimited, No begun within sixty days of date

Arizona.-Legal rate of interest 7%. Protest unnecessary if suit is when payment is due. Grace allowed on notes and bills of exchange. Legal holidays: same as New York, except first Monday in September, and Saturday half-holiday. Paper falling due on holidays or Sundays is collectible on the next business day.

Arkansas.-Legal rate 6%. Maximum contract rate 10%. Usurious contracts are void, both as to principal and interest, and negotiable paper tainted with usury is void in the hands of an innocent holder. Judgments bear same rate of interest as contracts on which they are recovered, except judgments against counties which bear no interest. Grace, three days. No holidays peculiar to the State. Notes and bills due on Sunday, Christand July 4th must be presented the business day previous. But notice of protest need not be given until the day after such days.

mas,

California.-Legal rate 7%. Contract rate unlimited. Judgments bear 7% interest. No grace. Legal holidays: same as New York, except September 9th in place of first Monday in September, and no Saturday halfholiday.

County orders

Colorado.-Legal rate 8%. Contract rate unlimited. and warrants draw 8%, State warrants 6%. No usury laws. Legal holidays: same as New York, except no Saturday half-holiday. Same provision as in case of New York should holidays fall on Sunday, except that paper is payable the previous business day. On notes and bills of exchange three days' grace.

Connecticut.-Legal contract rate 6%. Usury, penalty, forfeiture of interest in excess of legal rate to any one except the borrower suing within a year. Grace, three days. When either day of grace expires upon a legal holiday, the paper is collectible the business day preceding such holiday. No legal holidays peculiar to the State.

Delaware.-Legal and contract rate 6%. Usury, penalty, forfeiture of a sum equal to the amount lent. Grace, three days on all bills payable at a future date. When third day of grace falls on a holiday or Sunday, presentation and payment to be made the preceding business day. When holiday falls on Sunday, paper maturing on Monday must be presented the previous Saturday.

District of Columbia.-Legal rate 6%. Maximum contract rate 10%. Usury, penalty of, recovery of whole interest paid by action brought within year after payment. Legal holidays: January 1st, February 22d, Inauguration day (every fourth year), May 30th, July 4th, first Monday in September, Thanksgiving day, and December 25th. Grace not allowed.

Florida.-Legal rate 8%. Maximum contract rate 10%. Contracts for more than 10% void, interest forfeited. Double amount of interest over 10% paid to any holder may be recovered by maker from payee. Legal holidays: January 1st, February 22d, June 3d, July 4th, first Monday in September, December 25th, Election days-Federal and State, Thanksgiving day. Negotiable paper due on holidays presentable and payable the preceding business day. Grace not allowed.

Georgia.-Legal rate 7%. Maximum contract rate 8 %. Usury, penalty of, forfeiture of excess of interest over 8 %. Judgments bear 7% interest on the principal recovered. No grace on sight paper. Protest unnecessary to hold endorser, except when payable at a bank or banker's office, when grace shall be allowed. Legal holidays: January 1st, January 19th, February 22d, April 26th, July 4th, December 25th, and other days appointed by the President or Governor. Paper due on holidays to be presented the preceding business day.

Idaho.-Legal rate 10%. Maximum contract rate 18%. Compound interest allowed. Usury, penalty of, 10% of debt. No grace. Paper due on Sundays or holidays payable next business day. No special holidays. Illinois. Legal rate 5%. Contract rate 7%. Usury, penalty, forfeiture of interest. No grace on sight demands, three days on other instruments. Legal holidays: same as New York, except no Saturday half-holiday. Paper due on holidays payable preceding business day.

Indian Territory.-Same as Arkansas.

Indiana.-Legal rate 6%. Maximum contract rate 8%. Usury, when paid, can be recovered from the payee. Grace, three days, allowed on all paper. Legal holidays: same as New York, except no Saturday half-holiday. Paper due on a holiday payable preceding business day.

Iowa.-Legal rate 6%. Maximum contract rate 8%. Usury, penalty, forfeiture of 10% of contract. Judgments bear rate of interest of contracts on which recovered. Grace allowed. No special holidays.

Usury,

Kansas.-Legal rate 6%. Maximum contract rate 10%. penalty, forfeiture of double the amount of all interest over 10 %. Grace, three days. Legal holidays: Sundays, July 4th, December 25th, January 1st, Thanksgiving. Paper due on a holiday is payable the preceding business day.

Kentucky.-Legal rate 6%. Usury, penalty, forfeiture of excess of interest over 6 %. Three days' grace. Paper due on Sundays or legal holidays payable preceding business day.

Louisiana.-Legal rate 5%. Contract rate 8%, although parties may agree to even a higher rate, which may be collected. After maturity of obligation any stipulation for higher rate than 8% forfeits entire interest. Judgments bear rate of interest of the debts on which they are recovered. Grace, three days, except on sight bills, on which no grace is allowed. Paper due on a legal holiday is payable the next succeeding business day. Legal holidays: January 1st, 8th, February 22d, Mardi Gras, 4th of March in New Orleans, July 4th, December 25th, Sundays, and Good-Friday.

Maine. Legal rate 6%. Contract rate unlimited. Judgments bear 6 %. Grace, three days, except on demand paper. Paper, the last grace day of which is on a legal holiday, is payable the preceding business day, except where two holidays come together, the last of which constitutes the other grace day; or, if one of the other days falls on Sunday and is the second grace day, four days of grace are allowed. Legal holidays: same as New York, except Election days and Saturday half-holiday.

Maryland.—Legal and contract rate 6 %. Usury, penalty, forfeiture of excess over actual value of goods and chattels lent. Grace, three days. Legal holidays: same as New York, except that Good-Friday is observed as a legal holiday and the first Monday in September is not a legal holiday, and no Saturday half-holiday. Paper due on a legal holiday is payable preceding business day.

Massachusetts.—Legal rate 6%. Contract rate on loans not in excess of $1000, maximum 18 %, provided contract is in writing. Corporate bonds, maximum 7%. Three days' grace allowed on all paper in the absence of a statement to the contrary.

Michigan.-Legal rate 6%.

alty, forfeiture of interest.

Maximum contract rate 8 %. Usury, penGrace, three days, on all but demand paper.

Paper falling due on a legal holiday payable preceding secular day.

Minnesota.-Legal rate 7 %. Maximum contract rate (when expressed in writing) 10%. Interest in excess of 10% or compound interest pro