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USURY Definition & Legal Meaning

Definition & Citations:

In old English law. Interest of money; increase for the loan of money ; a reward for the use of money. 2 111. y Comm. 404. In modern law. Unlawful interest; a premium or compensation paid or stipulated to be paid for the use of money borrowed or returned, beyond the rate of interest estab- lished by law. Webster. Au unlawful contract upon the loan of money, to receive the same again with ex- orbitant increase. 4 Rl. Comm. 150. Usury is the reserving and taking, or contracting to reserve aud take, either directly or by indirection, a greater sum for the use of money than the lawful interest. Code Ga. 1SS2,


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