CHAPTER XL. BROKERS AND EXCHANGE DEALERS. Business of brokers. An Act relative to brokers and exchange dealers. [Approved February 14, 1859. Laws of 1859, p. 444.] (1625.) SECTION 1. The People of the State of Michigan enact, That no person or persons shall be engaged in the business of a broker, or of buying or selling current or uncurrent money or bank notes, or in the exchange thereof, or in the buying or selling exchange, or in the exchange of coins, or in the receiving of deposits of money or bank notes, as such broker or exchange dealer, unless such person or persons shall first make and file with the county clerk of the county in which such broker's office is or shall Certificate to be be located, a certificate in writing, to be signed by each, and verified by the affidavit of one of the members of said copartnership or company, setting forth the full name of each and every person composing the said firm, and the residence of each, the name and style of the firm, the terms of said partnership, and the length of time for which it is to continue, if limited by the partnership contract, and also the locality of their place of business; which certificate shall be kept in the office of the said county clerk, as a public document, and open to the inspection of any person. filed. What to set forth. New certificate required in case of change. (1626.) SEC. 2. In case there shall be, at any time after the making and filing of said certificate, any change in the name or style of said firm, or in the terms of their partnership, then a new certificate, verified as before specified, shall in like manner be filed, as required by section one of this act, before such change shall take effect; and until such new certificate shall have been made and filed, as above specified, the individual member or members of the firm, as set forth in the certificate on file, shall be held to be the actual members of the firm, and in all respects holden and liable for any obligation, debt, or liability incurred by the said company, as brokers or exchange dealers. dence. (1627.) SEC. 3. A certified copy of the said certificate on file in copy to be evithe county clerk's office, signed by the county clerk, and attested by the seal of the circuit court of the county, shall be held to be good and sufficient evidence of any or all the facts in said certificate stated and set forth. lation. (1628.) SEC. 4. If any person shall carry on or be engaged in Penalty for viocarrying on the business of a broker or exchange dealer, contrary to the provisions of this act, such person shall be deemed guilty of a misdemeanor, and on conviction thereof shall be punished by fine not less than one hundred dollars nor more than one thousand dollars, at the discretion of the court. (1629.) SEC. 5. Sections ten, eleven, twelve, thirteen, fourteen, and fifteen of chapter eighteen of the Compiled Laws, are hereby repealed. CHAPTER XLI. MONEY OF ACCOUNT, AND THE INTEREST DICTS, ETC. OF Chapter thirty-four of Revised Statutes of 1816. count. (1630.) SECTION 1. The money of account of this State shall Money of acbe the dollar, cent, and mill; and all accounts in the public offices, and all other public accounts, and all proceedings in courts, shall be kept and had in conformity with this regulation. pressed in other (1631.) SEC. 2. Nothing contained in the preceding section Notes etc., exshall vitiate or affect any account, charge, or entry originally made, money of acor any note, bond, or other instrument expressed in any other duced to dollars, count, to be re etc. Rate of interest. money or account; but the same shall be reduced to dollars and parts of a dollar, as herein before directed, in any suit thereupon. INTEREST OF MONEY. (1632.) SEC. 2. The interest of money shall be at the rate of seven dollars upon one hundred dollars for a year, and at the same rate for a greater or less sum, and for a longer or shorter time, What rate par- except that in all cases it shall be lawful for the parties to stipnlate in writing for the payment of any rate of interest, not exceeding ten per cent per annum. ties may stipulate for. Usury and the penalty therefor. 9 Mich. 21. 10 Mich. 148. 1848, p. 54. Wal. Ch. R. 529. When usury not to affect negotiable notes, etc. (1633.) SEC. 4. No bond, bill, note, contract, or assurance made or given for or upon a consideration or contract, whereby or whereon a greater rate of interest has been, directly or indirectly, reserved, taken, or received than is allowed by law, shall be thereby rendered void; but in any action brought by any person on such usurious contract or assurance, except as is provided in the following section, if it shall appear that a greater rate of interest has been, directly or indirectly, reserved, taken, or received than is allowed by law, the plaintiff shall have judgment for the principal and legal interest only, exclusive of the usury. (1634.) SEC. 5. In any action brought on any bill of exchange or promissory note payable in money, and to order or bearer, originally given or made for or upon any usurious consideration or con11 Mich. 59, 199. tract, if it shall appear that the plaintiff became, in good faith, the indorsee or holder of such bill of exchange or promissory note, for a valuable consideration, before the same became due, then and in such case, unless it shall further appear that the plaintiff at the time of becoming such indorsee or holder had actual notice that such bill or note was given for or upon a usurious consideration or contract, he shall be entitled to recover thereon, in the same manner, and to the same extent, as if such usury had not been alleged and proved.1 Interest on judgments and de crees. INTEREST ON JUDGMENTS, VERDICTS, ET C. (1635.) SEC. 6. Interest may be allowed and received upon all judgments at law for the recovery of any sums of money, and upon all decrees in chancery for the payment of any sums of money, whatever may be the form or cause of action or suit in which such judgment or decree shall be rendered or made; and such 1 For former statutes relative to the rate of interest and usury, see Code of 1820, p. 292; Revision of 1827, p. 257; Laws of 1829, p. 52; Revision of 1883, p. 343; Revised Statutes of 1888, p. 160; Laws of 1843, p. 54. interest may be collected on execution at the rate of seven per dicts, etc. (1636.) SEC. 7. In all actions founded on contracts, express or Interest on verimplied, whenever in the execution thereof any amount in money shall be liquidated or ascertained in favor of either party, by verdict, report of referees, award of arbitrators, or by any other mode of assessment according to law, it shall be lawful, unless such verdict, report, award, or assessment shall be set aside, to allow and receive interest upon such amount so ascertained or liquidated, until payment thereof, or until judgment shall be thereupon rendered; and in making up and recording such judgment, the interest on such amount shall be added thereto, and included in the judgment. An Act relating to interest upon installments falling due upon written contracts. [Approved February 19, 1869. Laws of 1869, p. 12.] collected on in (1637.) SECTION 1. The People of the State of Michigan enact, Interest may be That when any installment of interest upon any note, bond, mort- terest due and unpaid. gage, or other written contract shall have become due, and the same shall remain unpaid, interest may be computed and collected on any such installment so due and unpaid, from the time at which it became due, at the same rate as specified in any such note, bond, mortgage, or other written contract, not exceeding ten per cent; and if no rate of interest be specified in such instrument, then at the rate of seven per centum per annum. An Act relative to the interest on contracts between citizens of this State and other [Approved March 13, 1861. Laws of 1861, p. 220.] on notes, etc., this State. (1638.) SECTION 1. The People of the State of Michigan enact, Rate of interest That it shall be lawful for any person or corporation, borrowing payable out of money in this State, to make notes, bills, bonds, drafts, acceptances, mortgages, or other securities, for the payment of principal or interest, at the rates authorized by the laws of this State, payable at the place where the parties may agree, although the legal 1 As amended by "An act to amend section six, chapter thirty-four, title six, of the Revised Statutes of 1846," approved February 10, 1855, took effect May 16, 1855. Laws of 1855, p. 181. Not usurious if interest does not authorized by this State. rate of interest in such place may be less than in this State; and such notes, bonds, bills, drafts, or other securities, shall not be regarded or held to be usurious, nor shall any securities taken for the same, or upon such loans, be invalidated in consequence of the rate of interest of the State, kingdom, or country, where the paper is made payable, being less than in this State, nor of any usury or penal law therein. (1639.) SEC. 2. No plea of usury, nor defense founded upon an exceed the rates allegation of usury, shall be sustained in any court in this State, nor shall any security be held invalid on an allegation of usury, where the rate of interest reserved, discounted, or taken, does not exceed that allowed by the laws of this State, in consequence of such security being payable in a State, kingdom, or country where such rate of interest is not allowed. Parties loaning money may take ized by this State without refer ence to law of place where payable. (1640.) SEC. 3. It shall be lawful for all parties loaning money interest author in this State, to take, reserve, or discount interest upon any note, bond, bill, draft, acceptance, or other commercial paper, mortgage or other security, at any rate authorized by the laws of this State, whether such paper or securities, for principal or interest, be payable in this State, or in any other State, kingdom, or country, without regard to the laws of any other State, kingdom, or country; and all such notes, bonds, bills, drafts, or acceptances, or other commercial paper, mortgages or other security, shall be held valid in this State, whether the parties to the same reside in this State or elsewhere. Interest on loans payable in other ed by the laws thereof, (1641.) SEC. 4. When any contract or loan shall be made in this States not affect State, or between citizens of this State and any other State or country, bearing interest at any rate which was or shall be lawful according to any law of the State of Michigan, it shall and may be lawful to make the amount of principal and interest of such contract or loan payable in any other State or territory of the United States, or in England; and in all such cases, such contract or loan shall be deemed and considered as governed by the laws of the State of Michigan, and shall not be affected by the laws of the State or country where the same shall be made payable; and no contract or loan which may have heretofore been made or entered into in this State, or between citizens of this State and of any other country, bearing interest at a rate which was legal according to the laws of this State at the time when the same was made or entered into, shall be invalidated or in any wise impaired or affected by reason of the same having been made payable in any other State or country. |