Intbrest Rate.

Statutes of Limitations.

States and Territories.

Legal Rate.

Rate Al-lowed by Contract.

Interest Laws and Statutes of Limitations 226

Interest Laws and Statutes of Limitations 227

Interest Laws and Statutes of Limitations 228

Alabama............

per ct. 8

per ct. 8

20

6

8

Arkansas........

6

10

10

5

8

Arizona....

7

Any rate.

6

6

3

California.......

7

Any rate.

5

4

2

Colorado

8

Any rate.

10

6

6

Connecticut......

6

+

.......

6

6

Delaware........

6

6

20

6

3

District of Columbia...

6

10

12

3

8

Florida.......

8

10

20

5

2

Georgia..........

7

8

7

6

4

Idaho............

7

12

6

(j)

4

Illinois...........

(j)

7

20

10

5

Indiana............

6

8

20

10

6

Iowa........

6

8

20

10

5

Kansas..............

6

10

5

5

3

Kentucky...........

6

6

15

15

5

Louisiana...........

5

8

10

5

8

Maine..............

6

Any rate.

20

6

6

Maryland.............

6

6

12

3

3

Massachusetts........

6

Any rate.

20

6

6

Michigan...........

5

7

6

6

6

Minnesota.........

6

10

10

6

6

Mississippi..........

6

10

7

6

8

Missouri............

6

8

10

10

5

Montana ..........

10

Any rate.

10

8

3

Nebraska..........

7

10

6

5

4

Nevada..............

7

Any rate.

6

5

4

New Hampshire......

6

6

20

6

6

New Jersey........

6

6

20

6

6

New Mexico.......

6

12

7

6

6

New York.........

6

6

20

6

4

North Carolina......

6

6

10

3

8

North Dakota......

7

12

10

6

6

Ohio................................

6

8

5

15

6

Oklahoma.........

7

12

5

5

8

Oregon...........

6

10

10

6

6

Pennsylvania......

6

6

6

6

«

Rhode Island.......

6

Any rate.

20

6

9

South Carolina......

7

8

10

6

6

South Dakota..............

7

12

10

6

6

Tennessee.........

6

Any rate.

10

6

6

Texas...........

6

10

10

6

4

Utah..............................

8

Any rate.

8

6

4

Vermont................

6

6

8

6

6

Virginia.............

6

6

20

5

2

Washington..........

7

12

6

6

3

West Virginia......

6

6

10

10

8

Wisconsin

6

10

20

6

6

Wyoming.........

8

12

6

5

8

New York has by a recent law legalized any rate of interest on' call loans of $5000 or upward, on collateral security. No usury, but over 6 per cent. cannot be collected by law.

A partner signing his individual name to negotiable paper, which is for the use of the partnership firm, binds all the partners thereby. Negotiable paper of the firm, even though given on private account by one of the partners, will hold all the partners of the firm, when it passes into the hands of the holders, who are ignorant of the fact attending its creation.

Partnership effects may be bought and sold by a partner ; he may make contracts ; may receive money; indorse, draw and accept bills and notes, and, while this may be for his own private account, if it apparently be for the use of the firm, his partners will be bound by his action, provided the parties dealing with him were ignorant of the transaction being on his private account; and thus representation or misrepresentation of a partner, having relation to business of the firm, will bind the members in the partnership.

In case of death, the surviving partner must account to the representatives of the deceased.