McBroom v. Scottish Mortgage & Land Inv. Co. - 153 U.S. 318 (1894)
U.S. Supreme Court
McBroom v. Scottish Mortgage & Land Inv. Co., 153 U.S. 318 (1894)
McBroom v. Scottish Mortgage and Land Investment Company
Submitted January 5, 1894
Decided March 5, 1894
153 U.S. 318
The statutes of New Mexico, Compiled Laws 1884, §§ 1736-1738, do not permit the receiving of usurious interest by way of, or under the guise of discount, commission, agency, or other subterfuge.
Those statutes make void a contract of loan providing for usurious interest only as to the interest in excess of what the statute allows.
The limitation of three years, under the statutes of New Mexico, within which the borrower may sue for double the amount of usurious interest collected and received from him does not commence to run, and consequently the right of action therefor does not accrue, until the lender has collected or received more than the original debt with interest.
The case is stated in the opinion.