75-67-41 - Loan paid before maturity; how.
§ 75-67-41. Loan paid before maturity; how.
In any such loan contract as authorized in Section 75-67-39, provision may be made requiring the borrower, upon exercising any option to repay the loan before maturity, or upon any default in the payment of the monthly instalments of principal and interest, or upon the breach of any covenant entitling the lender to declare the whole indebtedness due and payable and to a foreclosure of the security, to repay the loan upon the following basis of settlement: The principal debt, with interest thereon at the rate of ten percent (10%) per annum, and allowing credit for all payments of instalments of principal and interest upon loan, with interest thereon at the rate of ten percent (10%) per annum from date of payment to said lender, computed annually in accordance with the laws of the State of Mississippi.
Any such loan contract, and all provisions thereof, shall be valid for the amount of the principal and interest charged, and such contracts shall not be held usurious.
Sources: Codes, Hemingway's 1917, §§ 5532, 5533; 1930, § 1972; 1942, § 5591; Laws, 1916, ch. 136.