Section 6
Rate of interest on future adjustments of accounts.
The Usury Laws Repeal Act, 1855
About this Act
An Act for the repeal of the Usury Laws.
In any case in which an adjustment of
accounts may become necessary between the lender and the borrower of money upon any mortgage,
conditional sale of landed property, or other contract whatsoever, which may be entered into after the
passing of this Act, interest shall be calculated at the rate stipulated therein; or, if no rate of interest shall
have been stipulated and interest be payable under the terms of the contract, at such rate as the Court shall
deem reasonable.