408.060. Defendant may plead usury — judgment, how rendered — corporations cannot enter plea of usury. — Usury may be pleaded as a defense in civil actions in the courts of this state, and upon proof that usurious interest has been paid, the same, in excess of the legal rate of interest, shall be deemed payment, shall be credited upon the principal debt, and all costs of the action shall be taxed against the party guilty of exacting usurious interest, who shall in no case recover judgment for more than the amount found due upon the principal debt, with legal interest, after deducting therefrom all payments of usurious interest made by the debtor, whether paid as commissions or brokerage, or as payment upon the principal, or as interest on said indebtedness; provided, however, that no corporation shall, after this section takes effect, interpose the defense of usury in any such action, nor shall any bond, note, debt, contract or obligation of any corporation or any security therefor, be set aside, impaired or adjudged invalid by reason of the rate of interest which the corporation may have paid or agreed to pay hereon.
Notes of Decisions
U.S. Life Title Ins. Co. v. Brents, 676 S.W.2d 839 (Mo. Ct. App. 1984).
· cites it 6× “They claim that when the excessive interest paid by them is applied to principal, as directed by statute, § 408.060, RSMo 1978, that the amount of the principal is reduced to $6,538.”
Addison v. Jester, 758 S.W.2d 454 (Mo. Ct. App. 1988).
· cites it 4× “4 Section 408.060 is available to assist the borrower who is sued for payment of usurious interest and authorizes the defense of usury to be interposed in a civil cause.”
Garrett v. Citizens Sav. Ass'n, 636 S.W.2d 104 (Mo. Ct. App. 1982).
· cites it 5× “Defendant asserts that the money was borrowed by plaintiffs “for commercial purposes,” that plaintiffs used the loan proceeds in their corporations, and because of § 408.060, RSMo 1969 and § 408.035, RSMo 1978 this court should “pierce the corporate veil” and “not tolerate an…”
Affiliated Acceptance Corp. v. Boggs, 917 S.W.2d 652 (Mo. Ct. App. 1996).
· cites it 3× “Section 408.060 authorizes a borrower to plead usury as a defense to a suit for payment of excessive interest.”
Kroh Bros. Dev. Co. v. State Line Eighty-Nine, Inc., 506 S.W.2d 4 (Mo. Ct. App. 1974).
· cites it 3× “On October 6, 1972, the date upon which the summary judgment was entered, the only fact issue remaining in the case was the amount or value of the services rendered by Kroh’s attorney.”
Sec. Inv. Co. v. Hicks, 444 S.W.2d 6 (Mo. Ct. App. 1969).
“See particularly § 408.060, which provides that “[u]sury may be pleaded as a defense in civil actions in the courts of this state, and upon proof that usurious interest has been paid, the same, in excess of the legal rate of interest, shall be deemed payment, [and] shall be…”
Rice's Feed Serv., Inc. v. Dodson, 904 S.W.2d 475 (Mo. Ct. App. 1995).
“68, and “said account has either been fully or partially paid”; plaintiff has unlawfully charged interest in violation of § 408.060, 1 and defendants have not agreed to the assessment of the interest charges.”
Rogers v. Comm'r, 34 T.C.M. 1254 (Tax Ct. 1975).
“Therefore, these institutions were willing to loan money to a corporate borrower.”
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